A duplex in Atlanta ive just submitted an offer on. Its a foreclosure, goes for 118,000 but i submitted an offer for 90,000. Its 2 beds and 1 bath on each side, street parking. It needs 2 fridges, 2 stoves, and 2 ac units to be rentable. Neigborhood is Ok, its down the street from a few colleges(morehouse,spleman, clark). I figure i can rent it out from 550-650 a side. Here is a link http://www.realtor.com/FindHome/HomeListing.asp?snum=52&locallnk=yes&frm=byzip&mnbed=0&mnbath=0&mnprice=0&mxprice=99999999&js=off&pgnum=6&fid=so&stype=&mnsqft=&mls=xmls&areaid=30314&poe=realtor&zp=30314&sbint=&vtsort=&sorttype=&typ=4&x=44&y=15&sid=07F20086C4F2C&snumxlid=1071622183&lnksrc=00001
(dont mind the trash, i went to look at it on saturday and it was cleaned up)
You need to work all the numbers, at least the basics of taxes and insurance. If its local you probably wont use a mgmt co. But you want to try and cashflow at least $400 per month total. I really do not see that, You should of offered around 55K, and yes it is a lowball offer ,but the bank will counter offer you and you can play from there. Also do not be afraid to ask for closing cost in your offers. I find the best offers will include a good size escrow till closing. Say you agree to escrow $10,000 and still your closing cost is only $5,000, you will get the difference back. But banks like to know your serious and it helps.