Seller Financing Opportunity in Baltimore

[Che Ross]

I have an opportunity to buy a 2 bedroom/2 bath town-home in Baltimore in an up-and-coming neighborhood. The home is fully renovated and requires no work, negotiated price is $138,000, for a 5 year term with a payment of $1,125/month, and a down payment of $10,000. Currently negotiating the down payment and price/month. My goal is $138,000 (down from 140s), for 5 years with $950/month and no more than a $5,000 down payment. This way I can rent it out for 1,500-1,600/month. Is this a good deal?

[Rich Baer]

Much better to buy a $60,000 property in Baltimore (There are tons) and rent it for $1000 to $1200 a month. I agree with Ned, your deal is not much of a deal. You can do better. When you are going to rent it out, a lower purchase price will save the day when you are starting out.