I am meeting with a seller next week who owns a duplex in a good rental area of Philadelphia. The owner wants to sell and has two good long-term tenants in place who pay $775 and $750 per month. The mortgage is $868 per month and he owes $105k. His asking price is $174k and although I have not run comps, totalview real estate site gives a FMV of $91.7k.
I haven't done any negotiating yet, nor have I been in the property yet, but does this sound as if it is something I should pursue? I have been reading and reading to learn the right way to make RE work, but right now I need some guidance.
"Only those who can see the invisible can accomplish the impossible"
"Instead of using your words to describe your situation, use your words to change your situation" Joel Osteen