I ran into this property that the owners want to sell asap...

[Account Closed]

I door knock and I was following up with one of my customers. She ended up telling me that she sold her family her old house. They turned it into a rental and the current tenants after 3 years destroyed the place. They ended up gutting it and redoing everything. They dont want to deal with a real estate and want to keep it off the market.

What is the best way I should handle this? Currently they want 310-320k according to lady but it isnt her property anymore(her sisters). So it can be cheaper maybe. The thing about the property I plugged in all of the numbers and according to how much I rent it for which is 1500 a month max. The numbers don't check out. I own one house but I never owned a property for rentals. Is there something I am missing? If they are desperate to sell(they are) think I could get it for 250s? Or is that way too low. Thoughts.

[Amy Kendall]

@Account Closed You will find that it is very difficult to find any property that will meet the 1% rule in Utah right now.  Even at 250k, this house still should give you pause.  For example, you could buy a brand new townhouse in our market right now for 265k that could rent for $1650/month.  A newer property would have a lot less initial maintenance.  If your strategy is simply a straight forward buy and hold, I would pass.  But if you could get that price and put a small amount of work into it and then sell it for 315k, that might be a better way to approach it.