$54,000 too much for duplex few miles east of Wichita Falls city limits? 2 bdrms each. They rent out for about

T
Home Buyer
Texas

$400 a month. Tax appraisal is about $20,000 below the asking price but the appraisal doesn't include about 2.5 acres being added to the property. Is that still too much over tax appraisal to be a fair deal?

Answers (3)
T
Home Buyer
Texas

They rent for $400 each. One is empty but the other is currently month to month. Current owner did not want to put new tenant in incase buyer wanted to live in it, which is what I would do for now. There is plenty of frontage to have access to the land behind. Thinking maybe I can put something else back there later to live in and rent the other unit that is in the duplex. (Still have to check out the rules on that). People have described the area as "folksie". It is on a country road that intersects two highways at each end and not even 5 miles from the center of the city. One problem may be that to get to center city and shopping areas means having to go through an area that may make some people uncomfortable. Place is about 25 years old and has had some things done in the last year like carpet., water heaters etc. Has all separate meters. This will be the first purchase like this for me plus I am new to this area. I was looking for a place to live and came across this. The school system is not that great but I don't have children and these places aren't big enough for a family. Don't know if this is a fair enough deal to take a chance at being a landlord or if I should just stick to finding a single home.

Tue Feb 12 2008, 22:38
Jose
Both Buyer and Seller
Compton, CA

WoW. I should sell here in Compton and buy there.
LoL I live in Compton (the ghetto) and duplex around here around like 500k. Thats is cheap.

Tue Feb 12 2008, 20:36
Bruce Lynn
Agent
Texas
FIRST ANSWER

Tough to tell.....is it $400 each side or $400 total. What can you do with the extra 2.5 acres? How easy are they to rent? What condition are they in? How long have the tennants been there and do they intend to stay? Are they on the highway or on a country road? Tax appraisal shouldn't be a consideration.... except that you may be in for a significant tax increase at some point if the appraisal vs value is that far off.

Tue Feb 12 2008, 20:26

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