A lady called me about a duplex she owns in Sacramento, CA that she wants to sell. She is in a financal hardship and needs to get out of this property. She said she won't go less than $150K??? The current market value on ths property is 175K-180K. It has tenants in both units who have lived there for 2 years+ per the property mgr. 2 BD/ 1BA/ $900 rent and 1 BD/ 1 BA/ $700 rent/ about 1647sqft. However, this propety is old, blt 1947 and needs some major tlc such as a roof as well as other work seen on a copy of the inspection report. I recieved an estimate of $9,700 for the roof repair and roughly 10K estimated for the other problems.
I assume this would be a good buy & hold property for now, since the market in California is on an up swing. What do you think?
I'm acting as a birddog now. I don't know how to put these numbers together to see if it's worth finding a buy & hold Investor. HELP!
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