Thinking of putting an offer in on a duplex about 15 minutes from my home. Home was built in 1957 and needs to be rewired, along with some minor plumbing work for the laundry room and paint. Will need new windows eventually as well. Once updated/cleaned up, house should be worth about 65-70k. I would classify the area as between C and B tenants. Goal would be to buy, rehad, rent, refinance and then buy another home with the money from refinance.
Offer: $45,000 w/20% down
Rent: 350-400/unit ($700-$800 per month total)
Yearly Taxes: 750/yr.
I would also go with a property manager since I travel a decent amount for work at a rate of 10% of the monthly rent.
Here is a link to the listing for anyone interested in looking at it:http://www.zillow.com/homedetails/40-Echols-Dr-Greenville-SC-29605/11024386_zpid/