BUY AND HOLD REVEIW

[Luncy Jeter]

I've got a motivated seller who owes 100k on a 3bd 1 ba house with an ARV of about 130k in Chesapeake, Va. The owner wants 5k bringing the purchase to a total of 105k.

The house is rented to Section 8 tenants with a voucher of 1050. Rents in the area range from 950-1250. Then tenants signed a one year lease last Jan and have been in the home for two years.

The owner states that the house is in good shape. However the roof and the hvac haven’t been replaced in at least ten years. So without seeing the inside yet, I’m estimating at least 15k for repairs.

This area has increased home value 14% year over year and I believe this trend will continue. I would love to have opinions on the property and whether this is a deal or a dud.