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Updated over 6 years ago, 04/09/2018

User Stats

15
Posts
2
Votes
Bryan Clark
  • Auburn, IN
2
Votes |
15
Posts

Need input on this property. Go for it?

Bryan Clark
  • Auburn, IN
Posted
First post on BP! Looking help deciding on my 1st deal. 3bed/2bath 2 story Home is older in an Indiana rural community.  Built in early 1900s but have had all updates and well taken care of.  Nothing but minimal cosmetics needed.  Previous homeowners converted detached garage into 1 bedroom apartment/building that is currently being rented @$400/mo. It’s zoned as a single family home now. Main home should pull in $800/mo due to other rentals/apartment pricing in area. Home location has nice exposure. Sale Price: $100,000 (realtor thinks appraises around $115k)....20% down ($1,900 closing costs)....$80,000 mortgage....$450/mo payment Annual Income: $14,400 Taxes (at max) is $2,000/yr.....Insurance is $800/yr.....$1,200/yr reserve for repairs Net income: $5,000/yr Should I go for it? Thanks!

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