All Forum Posts by: Tarvis Carson

Hello,

I will be Military PSC’ing to Washington DC later this year. I would like to buy a home since I will be there for 3 years and receiving $2163/month for housing allowance. That’ll be a total of $77,868 at the end of my orders. If possible I would also like to ‘househack’.

The DC market and surrounding markets seem to be very expensive and also they don’t have traditional duplexes. What do you guys recommend me looking for and if you have any particular areas or realtors you recommend please let me know.

Thank you!

Hello,

I am analyzing a deal for a SFH. The home is a 3/1, 903 sqft, built in 1960 and its listed for $89k.

The interior has been renovated for the most part with newer appliances. The exterior lawn and pavement could use some touches but it looks like I could make around $900-1000 in monthly rent income. Other homes in the area sell for around $95k-115k.

With those number it would meet the 1% rule, my only concern is the age of the home and it has what looks like an HVAC unit on top of the roof which is outdated and I’m not completely sure on the costs of upgrading the HVAC system will be.

So my question is would this be a good deal at $89k from what I explained? Thank you.

@Andrew Goodwin

Not completely sure what the ARV will be but I would estimate $210-220k based on similar properties that sold recently in the area. If we update the interior we could get about $950-1000 in rent per unit.

Hello everyone,

I'm 23 years old and my friend and I are looking in to buying our first rental property. We found a duplex that is listed for $200k and is 2100 sq/f. The property is outdated inside it is from 2007, it currently rents out for $855 a unit. We would like to update the flooring, paint, kitchen counter tops, and bathrooms; we are not sure how much this would cost yet. We are using the VA home loan so we are not required to pay a down payment.

Estimate monthly mortgage+taxes+insurance will be $1400.

Rental income $855x2= $1710

Total cash flow of $310

We are leaning towards a duplex instead of single family home because we think it will be a better cash flow. Is this property worth it number wise? or can we do better. Thank you.