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Updated about 8 years ago,
First potential deal! Need advice! Thank you!
Hey guys, this is my first few months in real estate investing. I'm 23 years old. I've been looking for a property to potentially flip or rent it out. I found one in Staten Island New York. There isn't a huge inventory here, but I found a property that is listed for 139k. It's two beds rooms, one full bath. It's listed as a bungalow, one floor only. It's an old house, however recently renovated and looks fairly new. I'm going to attempt to give them a lower offer, but worst case scenario it would be a conventional loan. This would leave me at about 27,800 down payment, and about 535 a month at 4.06 percent. ( 30 years fixed) Based off the properties near by, the rent goes for 950-1050 for one bedroom. What do you guys think of these numbers? Is this a deal you guys would pursue?