Posted by UCR1 on October 20, 2006 at 16:00:00:
Anyone?
I was thinking the 800K to 900K range would make sense for me and possibly for the current owner if he wants to sell.
LA Duplex - Posted by UCR1
Posted by UCR1 on October 20, 2006 at 03:17:24:
Had a question about a Los Angeles duplex.
I live in a duplex in the Carthay Circle area. It’s a 2 bedroom + small office, 1.75 bathroom with hardwood floors, somewhat updated. Maybe 1400 sq ft per unit.
I don’t think the owner wants to sell, but I’d like to make an offer just in case.
Comps in the area make no sense for income properties and are all over the map in price. I see them going for 1M to 1.6M for no rhyme or reason for rents.
Reasonable rents in this area for this type of 2+1.75 are probably from $2500 to $3300.
There are quite a lot of people trying to sell duplexes, and a decent number of For Rent signs as well (some that just sit out front for months).
Given that the market seems to be a bit soft at the moment, and keeping in mind this is an income property but I’d like to keep living in one unit:
** What amount should I offer on the low end and the high end? **
Interested in opinions on what is a reasonable offer for a long term rental property. I’d rather go by what makes sense for me rather than what the crazy “market” might bear as I’m not planning on flipping or rehabbing or anything.
Thanks!