927 Farmer Street, Petersburg, VA 23803

Property Description

PETERSBURG DUPLEX BEST BUY – LIVE IN ONE UNIT, RENT THE OTHER! 927 Farmer St., Petersburg, VA 23803 – $199,950 FIRST-TIME HOMEBUYERS – WHY RENT WHEN YOU CAN OWN A DUPLEX AND HAVE YOUR TENANT HELP PAY YOUR MORTGAGE? Here is your opportunity to become a homeowner AND a landlord! This previously renovated Petersburg duplex features two 2-bedroom, 1-bath apartments, both vacant and ready for occupancy. LIVE IN ONE UNIT AND RENT THE OTHER FOR AN ESTIMATED $1,200 PER MONTH! LOOK AT THESE ESTIMATED FHA FINANCING NUMBERS: Purchase Price: $199,950 FHA Down Payment (3.5%): Only $6,998 Interest Rate: 7.75% Fixed for 30 Years Estimated Monthly Mortgage Payment: $1,848, including estimated taxes, homeowners insurance, and FHA mortgage insurance Rental Income From Second Apartment: $1,200 Monthly YOUR ESTIMATED NET HOUSING PAYMENT: JUST $648 PER MONTH! THAT'S RIGHT! YOU COULD OWN YOUR OWN HOME FOR AN ESTIMATED $648 PER MONTH AFTER RENTAL INCOME! This historic duplex was built in 1890 and has a long history as a rental property. Both apartments have been previously renovated and offer electric baseboard heating and window A/C units. Constructed on a traditional pier foundation, the home has some uneven floors, potentially resulting from settlement over the years. Buyers should independently inspect and evaluate the foundation. STOP PAYING RENT AND START BUILDING EQUITY! Why continue paying a landlord when you could own TWO apartments, live in one, collect rent from the other, and build long-term wealth through real estate? ONLY $199,950 – LET'S GET YOU INTO YOUR OWN HOME! Financing illustration only. Assumes qualified FHA owner-occupant financing with 3.5% down, a 7.75% fixed interest rate, and a 30-year term. Payment includes estimated taxes, insurance, and FHA mortgage insurance. Rental income is projected, not guaranteed. Actual loan terms, closing costs, expenses, property eligibility, and payments will vary. FHA appraisal and property-condition requirements apply.