My first Deal?!-- Fannie Mae home

[MONICA WATSON]

Hello everyone! I'm new to investing and have been trying to find a buy and hold property for a long time (off and on). I found a house on homepath and put an offer for 54,900 and the ignored (listed 67k), we went up by 5 k to 59,500 and they accepted!. I'm excited and hoping to close deal. 

The house is in Southeast Houston which is a lower social economic area, but I'm find with that. I grew up in that neighborhood and made it out just fine! Now on to the question the house seem ready to move in..maybe just paint. Do you think I got a reasonable deal? 

Side note..I'm looking at long term profit. I'm patient

MLS : 43020944

[Sam Craven]

That house looks like it is in seriously good shape for that neighborhood.

Here are my concerns:

South Park is one of the most dangerous neighborhoods in Houston (it sounds like you are aware)  We have wholesaled a couple properties in there.  Its a stagnant neighborhood meaning its not going to appreciate much, and it looks like you are paying top of the market.  Should you decide to owner finance the property, you could sell it for $85k and 20% down.

However your price to rent ratio is great, should not have a problem renting that house in there for 900, may want to try to get more than that to attract the right tenant.

Also, be sure to understand section 8 as most people will have a voucher.