Purchase: $70,000 Improvement: $25,000 Total Spent: $95,000 Annual Rent Income ($1000x12) $12,000 Total Expenses (50% rule of thumb) -$6,000 Net Income: $6,000 Cap Rate: 6.32% New Appraisal Value: $145,000 Adjusted Cap Rate: 4.13% To be honest, the information is too little to give a full picture.Once you make the spreadsheet with all the information to produce a realistic cap rate and when you update it that will be your best snapshot of your overall Property's health.When it is time to sell- the lower the cap rate, the better.I hope this makes sense.

There is much deferred maintenance and I believe rents could be increased to $500 with minor repairs/updates. 

Why use an LLC if the other side is going to be able to "pierce the corporate veil" with relative ease in my case?

Asking 80KBuilt in 1945 1594 sq/ft. 3 bedroom, 2 updated bathroomsCurrently tenant occupied at $850 on a month to month. 

ok guys update got them down to 45k 13k closing thoughts

Some plumbing was updated as part of the sales agreement.

Best of luck with your first solo real estate endeavor, keep us updated on your progress!

I’d also like to reach out to you with an update on what I’m doing or should I just keep posting?

Details are as follow, duplex with 6 beds 2 baths, 2592sqft, seller listed property as needing only cosmetic repairs but based on the pictures I assessed that both units would need updated kitchens and baths, a fresh coat of paint, new windows.

I know it would be wise to do it under a business.My question is ,  Does it have to be an LLC or can it be a corporation?