Potentially my first rental property?

[Cian McCann]

Hi guys,

I have come across a house which has potential to be my first rental property. I thought id mention a bit about the property here and see what you guys think.

The Listing

The house can be viewed above. The good news is I can buy it for 40,000 Euro and have no problem filling it with tenants, it would bring in around 600-650 a month in rent after that.

The bad new is I am not sure if it is a good deal or if it is 40,000 for a reason.

- The house has been unoccupied for the last 12 years, my main fear with this is that the pips may have burst 4 years ago when Ireland had record low -15 temperatures. There is no electricity in the house, it would cost around 2,500 Euro for it to be switched on so I wont be able to test the pipes until I pay this. The shed with boiler out the back is also extremely overgrown however I suspect it should still be working fine. I reckon I will need to spend about 6,000 doing it up. If the pips are ok I should get tenants in it for under 55,000 which would make it a good investment in my eyes. I would like to get your guys take on it tho, especially the situation with the pips.

Thanks,

Cian