My first purchase.

[Daniel Clem]

I am currently looking at my first purchase prospect, though still keeping options open to others. It is a 4 unit in a small town. So low crime rate. Viewed it Wednesday, it seems pretty much ready to rent, other than new locks for personal security reasons. Currently winterized so will check all pipes and wiring ect before any deal is locked in. But all cabinets and counters tops are good, appliances included except washer and dryer for the 2 units setup for them. So seems to be all but turn key. Asking 79,000 the 2 units with 1 BR 1 BTH are rated at 450, the 2 units with 2 BR 1 BTH are rated at 550. As part of the FHA loan i will be living in one, I plan to be in a 2 BR as I will be getting married in 1-2 years while living there. If I do make an offer, I plan to start low, say 58k? Or is that too low?

It has been on the market for 3 years I believe, and the owner's niece is selling for him as he is 94 years old and she is settling his assets. So she has not had any tenants in house as she does not want to be a landlord.

What should I look out for, as well as what improvements should I look into to help attract good tenants?

Thank you for any help, and God Bless all of your business endeavo

[Matt Jones]

Be sure to look into expenses for that particular property and try to find out why no one has bought it after three years.    Has anything changed recently to make it a better deal?(Like a large price drop)  The rent to cost ratio is good but that often doesn't tell the whole story.