Hey there, so I recently snagged this sweet duplex in a bustling city about three hours away from me. The purchase price was $345,000, and I put down 25%. The appraisal came back at $370,000, which seems like a good sign, right? Closing costs were a bit under $10,000, and now I’m looking at shelling out around $2,550 each month for the principal, interest, taxes, and insurance.
According to my calculations, I should be able to rent out both sides of the duplex for a total of $3,200, which means $1,600 per unit. That’s about $650 profit before factoring in vacancy and any unexpected repairs or upgrades. The neighborhood is in a high-growth area, so I’m feeling pretty optimistic about the potential for appreciation on this property.
I closed the deal about three weeks ago, and I’m gearing up to list it on the market for rent this week. But here’s the thing – I can’t help but wonder, did I really score a good deal here? I mean, I’m pretty sure I did, but dropping that much cash always leaves me with a bit of doubt. This is my first rental property, and I’m hoping to add two or three more to my portfolio by 2026. They’ll probably be similar setups, but I’m open to any advice or feedback on what I should be considering as I grow my real estate investments.
So, dear reader, what do you think? Did I make a wise move with this duplex purchase? And do you have any tips or insights to share as I venture into the world of rental properties? Hit me up with your thoughts – I’m all ears and eager to learn from those who’ve been there and done that. Thanks a bunch in advance!