Single family homes in Irish towns

[Cian McCann]

Hi all,

I finished The Book On Rental Property Investing by Brandon Turner last weekend. Based on what Brandon teaches I have been gathering as much information as I can all week. I have been coming up with my rental property plan as he talks about in the book. My focus is on completing a deal for one property but doing it in the right way so I can rinse and repeat in a similar way if it goes well.

I'm trying to find a balance between analysis paralysis and jumping into a deal too soon. My goal is having €200 monthly cash flow from a 3 or 4 bed single family home in Ireland. Irish towns in my area are my market as opposed to a major city. 

From initially analyzing it seems I will at least have to meet the 1% rule to meet my cash flow goal. On average single family homes in my area rent for around €850 a month but there are no single family home with 3 or 4 bedrooms listed on the market for around €85,000. It seems as though this will require me to purchase a single home in need of repair at a discount, followed by performing repairs and upgrades to increase its value and the monthly rental income. Brandon mentions an approach similar to this in his book. There isn't much of a market for multi family properties in my area and condo apartments are mostly 2 bedrooms which I would prefer to stay clear of for now.

Was wondering if anyone could share their thoughts with me after reading.

Cheers,

Cian