first deal--flip or hold the note myself?

[Alfred Green]

This could be my first deal, so I'm asking about the best possible choice for myself financially.

My inlaws have a 2 story rental townhouse in a gated family community, and they want out of it so they can both retire. This is the only thing keeping them working.

The property record shows it sold for $205,000, and I know they've got their own house on the hook for this one. I'm guessing their note is about $160,000 currently. Full time tenants currently who I know personally. I'd considered doing an owner finance, but the inlaws want out, not in on this deal.

Should I flip this to another investor as an investment property or should I hold the note myself? I'm a rookie with no assets myself right now, but I've got access to private lenders, so I'd be able to hold it. The only reason I ask is since it's a relatively new rental property. I'm not sure how hot rentals are to investors--would they be willing to pay more due to that?

Thank you for hearing me out here.

[Jon Klaus]

Yes, you must look at the most recent comps. 2005 might as well be 25 years ago. Also look at comps as close as possible to the subject.