Buying a duplex or any type of plex can be very different then purchasing a home. There are a few reasons why someone would decide to buy one:
- To live in one apartment and have the others help pay for the mortgage
- To buy as a revenue property and rent it all out
- To turn it into one large residence, or
- To sub-divide it into a co-op or condo
The questions you would ask would be similar as if you were buying a home. How old is the roof and windows, what do you pay in heat, etc. Then there are ‘plex’ specific questions:
- What is the vacancy rate? Meaning, out of a period of time, how long has it been empty?
- How much are the rents and when was the last rent increase ?
- What is included in the rent? Heat? Electricity?
- Is there a lease, and for how long?
