Posted by Kac on October 24, 2004 at 18:14:39:
West Tennessee. A matter of fact, I can get 2 for about 48K. I bought a duplex about 3 yrs ago for 25k and rented @ side for $295.
25k Duplex - Posted by KAC
Posted by KAC on October 24, 2004 at 18:08:04:
I found a duplex for 25K, it appraised at 30k before the current owner remodeled both sides. He painted and carpeted both sides and, he also installed new windows and siding. It looks like it may appraise for 33k-35k now. The only problem is both sides are small 2 bdrm apt that rents for $265 each. I figure at 20% down ($5k) my mortgage s/b $143 at 6% for 20 yrs. At 25% expense($1590 a yr),I s/b able yo pull in $3,050 ($254 per month).ROI looks like 61% and GRM is around 3.93. I figure after purchase I could take out a 2nd mortgage for about $7k and reinvest in another duplex. I doubt that rent could go up any more. Sounds good to anyone???
Re: 25k Duplex - Posted by Jay(OR)
Posted by Jay(OR) on October 24, 2004 at 18:10:48:
where are you located that you can find duplexes for 25K? Seems like a good investment to me though.