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Updated about 3 years ago,
Is this Potential BRRRR a good deal?
Hi Everyone about to start my investing journey and here's where I stand:
Bought a single family home for 189000 in 2016. (179500 @ 3.75%) - Worst house in a great Raleigh neighborhood.
Currently appraised at 325 to 335k due to latest comps this year. 39k in Rehab for two new bathrooms/Deck/Floors/Paint/New Water Heater/Open Concept wall removal etc
Looking to rent out for 1550/month. (~1101 mortgage/124 property management/191 taxes/2mil insurance coverage). This leaves me cash-flowing around 100 a month before refinancing.
I'm looking to pull out most of my money when I Refinance so my questions are:
1. Is this a good deal?
2. Should I refi for 30 or 20 years?
P/S - The home has a full unfinished walkout basement I plan on turning into a one bedroom apartment in the future for extra income. I just got done with the bathroom rehab so about to start the process for getting tenants in.