Is this a good or bad deal - Posted by Rob

Posted by Chris on September 15, 2004 at 21:11:47:

you are kidding, right? $ 950 rent, if that’s the market rent for which the place could be rented out in a short time, then I would like the MLS # of that deal to make an offer myself :stuck_out_tongue: I envied a friend who snapped up a Duplex yielding $ 700/m rent for $ 32k and that needed a new roof. It’s now worth $ 70k, but that’s Southern CA. I wouldn’t sweat a few grand - go for it!

Is this a good or bad deal - Posted by Rob

Posted by Rob on September 15, 2004 at 12:07:24:

There is a duplex (vacant) I am looking at in not the best neighborhood (not the worst either). The property is being sold through an agent for $35,000 (there was an an accepted offer several months ago for $29,000 but fell through). The property is worth $42,000 needs about $2,500 worth of work I can do myself. Total rent income is $950. The property has been on the market for some time now. The owner is willing to sell on a land contract. The agent says he wants $5,000 down. The owner owns the property free and clear.

I don’t like the terms above. The only way I can see making this deal is to offer somewhere around $29,000 with very little if any down. Any suggestions?