Is this too good of a deal to pass up?

[Roxanne McClain]

I have been looking to purchase my first rental property and have kind of drug my feet a little, but mainly because the market where I live is overpriced for rentals on the MLS listing.

I was talking to a contractor about going to look at one, and he told me I should look at his first. He has been trying to offload them from a note.

This is 4 houses total for $200k. 3 of the 4 are not even 10 years old, and they where built to be rentals. Nice little 3 bed 2 bath and one 2 bed 1 bath all stacked down the same street. No fences to have to upkeep, a basic deck on the back of them, all concrete stained floors, wooden cabin looking walls so no Sheetrock or paint to be done. Metal roofs.

The 4th house is older. And his original plan with it was to tear it down one day and build a nicer home and sell it.

All 4 are rented with long term renters, who he has a relationship of dropping by and collecting rent from.

If you run the numbers the properties all make a cash flow of around a combined $500 a month. So not that great, but in the positive. Rent could go up, but at the risk of loosing tenants I am sure.

I have already been approved by the bank with 15% down but I am worried about diving in head first into 4 properties as a single mom.

I dont have a history of real estate or rentals, but I would really love to work towards financial freedom you all speak of so much.

The 4th home is old and it’s kind of scares me with the unknowns, all the tenants being there before worries me as well.

And advise on making the decision to jump ship or grab the properties up? I have really been doing my homework on rentals, and it’s just kind of scary and I have froze..