Deal or no deal!

[Nana M.]

Write your post

Hello bigger pockets members!  I am brand new to real estate and trying to figure out if I have my first deal.  I would really appreciate like to know what others think. (ideal or no deal?)

Price: 145 k

Single family home in Irving Texas

Built in 1956

4 bedrooms 2 bath

1550 sq. Feet

Rent:1500 

Property tax: 2900

Insurance: 80

Repairs : 10k

I did not include property management as I will manage myself.

House has been through inspection and there is some electrical work that needs to be done. There are 2 federal pacific fuse breakers that will need to be replaced and will negotiate for seller to pay fee for electrical repairs.

Also can anyone offer any referrals for good reliable contractors for remodeling investment properties.

Thanks

[Fred Heller]

My knee jerk reaction is this is not a good deal.

If it was built in 1956, that means it's probably in "old" Irving south of 183. I don't see you getting $1500/month in that area.