Am working on a deal and wanted to get some advice.
I found a duplex asking price is $429k the owner needs cash because he
is sick and needs to move. He is willing to carry finance for $229k @ 6% but needs
$200k in cash. I have good credit and good job for over 14 years.
He told me that the property has been a family house for the past 17 yr. but was
converted back to a duplex. He also said that the property needs very little work and has
been remolded (kitchen new appliance). It's a 2/1 upstairs and studio downstairs.
I asked him what he thinks they would rent for and he said the 2/1 $1100 and the
studio $700. The property is a a nice part of town and there are homes mixed with duplex and a few apartments. I grew up in the part of town as a child an know it very well. I drove around
and found a studio with 3/4 loft up the street for rent for $1350. Also I found an apartment 2/1 renting for $1450. So I think he may be off on the rental price. My question is at what price should the property sell at if I can rent the studio for $1000 and the 2/1 for $1500. I have posted about this on other parts of the forums. Am new to the site and to investing, so any advice would be great. Thanks in advance.
"God gives us gifts, warped up in problems"