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Updated over 2 years ago,
First single-family purchase questions.
I'm looking to purchase a single-family home from a family member at 325K and an appraised value of $390. Comps in the area for ARV are 416K-525K. The home definitely needs work to get it into rental condition. Probably 20-30K. If we flip the house, it would likely, be "as is" without rehabbing to it's full ARV. I would prefer to purchase as a rental, but the numbers don't seem to work based on what I'm learning. Please help me decide whether to buy and hold or flip? The mortgage payment with taxes and insurance is going to be $2589 and the rent average according to Bigger Pockets rent estimator is $2850. I think we could get about $3000 but it still seems to be too tight! Is this a viable rental or should flipping be the best solution?