Hi All, though I read through this forum with some regularity, I appreciate it if someone could spare 5 minutes to tell me what to do here –
I called an FSBO sign I saw in a rowhome neighborhood about 2 miles from my house. The city has just completely demolished the projects that were 1/2 down the street and relocated everyone out of the area into other housing in the city. The city is undergoing some revitalization in the downtown area about 5 blocks north of this house.
I thought it was just a regular SF rowhome but I called the owner and came to find out it is a 2 unit rental. The back unit rents for
$ 1,000/mo and is a 1/1 with a new dishwasher and ktichen. The front is a 3/ 2 1/2 and rents for $1895/mo. It was built in 1890, as most of the homes in this area are from the 1900s. The tenant in the front moved out today (saw that as I drove by) and the tenant in the back is on a month-to-month (has been there a year).
The owner wants to sell this to use the cash to buy a condo in the south of France. His price is 575K but “will entertain all offers.”
I couldn’t get the house # because I drove by too fast and like an idiot forgot to ask him while I was on the phone - but my husband will drive by on th eway home tonight and will get it for me. Then I’ll check the tax records.
What do I need to do to find out if this is a good investment for me as far as monthly cash flow and how could I present this to get it with the least amount $ possible out of my pocket?
It’s close to my house so I’d be willing to property manage it myself.
Thanks so much for anyone who takes the time to respond.
Immy!