For my initial post I pick a nearby duplex. I'll leave the address secret for now but anyone curious enough to dig can probably find it. The basic questions for now:
1. Will this cash flow?
2. Can it be flipped?
Here are the pertinent details.
$700K asking price
Our agent thinks we should go in at $680K
3/1 + 3/1
Actual rent $1600+ 1600 = $3200 total
The "projected rent" for each side is $2000 or $4000/mo total.
OK worst case scenario - 100% financed
Loan 1: 25% down from a HELOC or 2nd or cashout
$170K at 4.65% , 30 years = $ 876.58/mo
Loan 2:
$510 K at 4.25% 30 years = $2508.89
Total rent: $3200
-Total loans: $3385.47
= - 185.47
and surprisingly this isn't terrible. Even at fully financed.
ref:
simple loan calculator
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