I know, standard topic, but just wondering thoughts from you guys:
Myself:
$50k available cash; $50k in 401k/investments
Currently paying half of $1,200 rent w/ roommate in similar duplex across town
$85k annual income
$0 Debts
Property: 3br/1ba per side Duplex
Bank owned, listed at $230,000
Highly desirable area (been on market for 1 week, already has 3 offers)
Market rent for good condition $1,100-1,500 (Listings on craigslist receive 20+ responses within 24hr)
Old gravity-style furnace, no A/C (likely would want to replace)
Old windows (likely need replaced)
My current assumption is that I would put 10% down, have approximately a $1,450 mortgage. I would anticipate putting $25k-30k within the first year for upgrading the central furnace, A/C, and windows. This would get me closer to the market rent, along with maybe $10k in additional investment for bathroom/kitchen upgrades.
Thoughts? I anticipate living in current area for next few years at a minimum. Thanks!