Hey everyone!
This is my 1st MF property that I am investing in. I'm using my VA loan so I don't have to put any money down & can keep money in my account to fund rehab deals.
Since I'm not putting money down, I know that I won't cash flow this duplex right away. I do plan to live in the vacant side at least for a year, with a VA loan after a year I can take out a loan on another property. I'm more concerned on if it's going to be a good deal or not. I'm currently in the option period with it ending on Monday so I need to make an educated decision by then. Details on the duplex:
Price: $385k
Built: 2012
Size: 2674 sq ft (1333 each side). 2 story, 3B/2.5B each side w/ 1 car garage & driveway for both, fenced backyard both sides.
Interest: 5.49%
PITI: $2,698
Current Rent: $1,350 but could be brought up to ~$1,600, maybe $1,700
Yearly Property Tax: $8,340 (I don't pay any on my side while I live there so $4,170)
Upgrades: Vinyl floor in kitchen of both units, new AC (central HVAC) on vacant unit, roof done 2016.
Inspection Results: Mostly small issues, inspector was mainly concerned with multiple cracks throughout the siding. Some damage from WDI, which seller will have to address this before close.
Seller is paying all closing costs, survey & title, they did a rate buy down to 5.49%, and a year warranty.
Sorry for the long post but wanted to include all details possible. Does this seem like a decent deal for long term? I'm still on the fence about it & would love feedback from people with more RE experience than myself. I have the ability to cover all the expenses if there is vacancy, which this property has low vacancy.
