Advice on a specific potential investment property
I'm starting to look at possible homes to buy as rental properties. I'm new to real estate investing, so wondering if someone could look at the home in the below link and see if you think it's a good buy or not.
31173 Kansas St, Lake Elsinore, CA 92530
https://www.zillow.com/homes/31173-Kansas-St-Lake-...
1. My friend Chris owns a rental property in the same neighborhood.
2. A friend Chris is a real estate agent, and owns several rental properties in Lake Elsinore area. He looked at the house and strongly recommended it to Chris, but Chris didn't have the money right now.
3. The agent says it needs $2-3k of touch up maintenance/repairs. But it's recently renovated, so overall a really nice place and otherwise should be relatively low maintenance.
4. Lake Elsinore is supposedly one of the top 5 fastest growing communities in CA. Commuting distance to Orange County, and potentially LA and San Diego.
5. Square footage is 1k, 3 bedrooms, other properties in the area seem to rent for $1600-$2200. So with purchase price of $265k that doesn't get very close to the 1% rule.
6. What else should I be looking at?