First Potential Deal Analysis

[Jose Leon III]

Been trying to learn more about real estate and get some practice analyzing deals. Recently found this piece of property selling at $31 per Sq foot. Its at $69k for the property, other homes in the area are going for 100k+ and 50+ per square foot.

Based on some monthly payment calculators (using 3.34% as interest rate) its coming out to $537 at 15-yr fixed. Or $389 at 30-yr fixed.

Comparing another property in the same neighborhood (literally same street), and the same number of beds, with less sq feet in the house, it is going for 110K (see link)

According to rentometer.com, rent in the SC area goes for about 1095 median, within a 2 mile radius.

I have also contacted two local realtors to get their estimates on rent/tenant vacancy/quality of the neighborhood/likelihood of appreciation.

Link to the potential deal:

https://www.realtor.com/realestateandhomes-detail/117-Gilman-Ter_Sioux-City_IA_51104_M70768-05388

Comparision house:

https://www.realtor.com/realestateandhomes-detail/111-Gilman-Ter_Sioux-City_IA_51104_M82306-07607

renotmeter.com stats on the area:

https://www.rentometer.com/analysis/4-bed/gilman-ter-sioux-city-iowa-51104/V9i93dQNx2g


What are your thoughts?