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Updated almost 16 years ago,
Does this sound like a good deal?
-3 bedroom 2 story place. Plus full basement
-About total 1800sq ft
-Within 5 years new:
-water heater
-roof
-electrical
-windows
-bathroom
-kitchen less appliances
-carpet
*Rehabbed and rent ready as sitting
Asking 45k
brought 800/month for rent in past
The way Im looking at it is that it is cash flowing about 100/month after everything. Sound like a good deal? I was really wanting to get into more rehabbing, but I know I can afford this place real quick probably little or no money down. Do you think its better to have a property than wait for a nice rehab project?
My original plan was to live in Peoria and start my business slowly in Chicago. I ultimately want to live in Chicago in about a year or two. Should I buy a few places in Peoria while Im here to get started and learn the business or save and wait? Im just scared to own property where Im not ultimately going to be living. Or should I be fine with owning them and using a good property management when I move?