Turnkey Investment Properties

[LaTonga Smith]

As a newbie investor in Columbus, Ohio, I have a question. Are turnkey investment properties a good place to start?

The reason that I ask is because they seem to be a bit overpriced. I have found one property that is listed at $69,000. It has 5 bedrooms, 2 Baths and approximately 1,957 sq ft. The home was recently purchased from the City Lank Bank this past November. Because I am a licensed real estate agent, I KNOW that this property is way overpriced for this neighborhood. The auditor gives the appraised value of $39,300.

This property is located in a high rental area for low income individuals and could easily rent for $1,050.00 per month. Given that all renovations have already been completed their are no repairs.

Is this price typical of turnkey properties?