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Updated over 4 years ago,
Analyze a row house with $1400/month rents
me: Noob investor, bad credit, unemployed during pandemic, currently renting, $100k to invest. I hate writing that, but it is time to own my ****.
I'd like to move into a multi-family and stop renting. On the other hand, there is nothing within 80 miles of my children I can/want to afford. Another option I am considering is staying in my current apartment and just renting out the units I buy.
There is a 2 family row house about 100 miles away from me listed at a little under $100k. I have family in the area. Rents recently increased to about $1400/month (section 8) total. Tenants are related and have been there for almost a decade. Taxes are about $1.7k per year.
Of course, I would walk through and have it inspected to see what repairs it would need. I'd like to do some calculations before I do a walkthrough. Driving out there once a month for a day would probably be enjoyable. If I had to make the trip several times a week for issues/repairs it is probably too far away. The house has on-street parking and a very small yard. What expenses should I plan for and how much should I put aside for future repairs?