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Updated over 6 years ago, 04/09/2018
Need input on this property. Go for it?
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!