After our success with the triplex on Madison, Jeremy Peterson (local Realtor) called us about another long distance landlord that wanted out. This property is an up and down duplex with a 2 bedroom 1 bath unit upstairs, a 2 bedroom 1 bath unit downstairs and a shared laundry room in the basement. The property was free and clear and the seller was interested in carrying "paper" (just what I like to hear!).
Details:
Purchase price=$119,500
Down payment=$11,950 (10%)
New first TD=$$107,550 @ 8% amortized over 360 months DUE in 10 years ($851 PITI)
Strategy= We rented both units for $750 each ($1500 gross rents) for $650 gross cash flow per month. We will hang on for the amortization and of course make use of the cash flow each month.
