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Updated over 3 years ago,
Opinions on a deal - Will be my first rental if i do it.
Hello I am extremely new to real-estate, I own my home I currently live in and am looking into getting rental property. I found a house on the Listing and gave the Deal calculator a try (well for a second time.) I sent a message to a realtor I have been talking to and am waiting to hear back from him with more info.
Listing has this Quadplex at $90,000 and all 4 units are currently rented out, at between $450-500 without knowing anymore then that I used $450 as income for all for units giving me a monthly income of $1800 already. I am putting Capex at $180 for maintenance I have it at $450 Just because it looks like the roof will need to be replaced sooner than later (like within the next year). and $90 for Vacancy.
With Taxes/Insurance and Mortgage at $518 monthly Giving my total expense at about $1,238
A few concerns I have with this potential deal, because of Covid the only way to see the property is to place a offer, According to the listing. All the photos of the listing are exterier, and looks like it needs a new roof Using google maps street view I can see that patch work was done on the back of the roof. Next time I drive by the house I will attempt to take a look at it (I regularly drive by it on my way to work), Another point of concern is the listing age, This area has properties go on the market around that price and then sell within a few days. This one property has been on the market for about 6 months now, and it looks like it had multiple offers that got pulled back after a week or two.