I’ve been contacted by a seller that wants to sell an up/down duplex to me on contract. I would like some advice on what kind of terms I would need to get in order for this deal to be a deal.
Here’s what I know…
The seller is 88 years old an in poor health.
Top rents for $350/month and bottom rents for $385/month
Electric and heat are on separate meters and tenants pay this.
Owner pays water.
Monthly costs to buyer are:
water approx $60/mo
Total rent income is $735
Total known costs are $191 for taxes, insurance, water
The seller and I talked about a purchase price of 49K (It was listed with a realtor for 56K and didn’t sell).
I could come up with 2K for a down payment but don’t want to do this if possible.
What would be the terms I would need to make this a deal?
Thanks for your help with this!