I need a second opinion on my first offer, please help:)

[Crystal Wilson]

Im looking at a buy and hold in colorado springs. I live in denver. Its 78,900. No hoa. Town home. 2 bd. 2 bath. Zillow says it will rent for 1000. I will send you an mls#. Im just noy sure i can rent it fast, or for that much. I need a secound opinion. Thanks :)

[Aaron Moore]

Hey Crystal Wilson I know the property you're talking about (a client of mine had it under contract briefly before getting cold feet). It's in decent shape, the neighborhood is just rough, as you would expect with a property that price. I think rents are probably more like $800-900, and likely closer to the lower end of that. Running the numbers on it, I think it's about a 10.6% cap rate on a cash purchase. On a side note, we had it u/c at $77K with a cash deal, so you know the seller will move a little on a cash deal...but probably not on a financed offer