I’m looking at this 2-family home with a bungalow on the property. One of the apts in the 2-family is rented for $750 a month…the other is vacant. The bungalow needs a “major overhaul”.
A realtor ran comps…said the 2-family would sell for about $160k, and with the bungalow fixed it may be $175-$200. Kind of a slow market area.
The tenant wants to stay. The second apt needs upgrading. I estimate the work needed in the 2nd apt plus roof to be about $15k. Would this deal look attractive to an investor if they could have it for $102k, including my assignment fee?
Work in 2nd apt: $15k
Price for my buyer: $102k
Equity $43k…plus the gross rent income is at least $750/month. Plus bungalow.
Thanks for any input!