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Updated almost 4 years ago,
Advice on purchase single family rental
Hello, I'm a newer investor and currently in contract on a single family home investment property. It was FSBO $189k, seller agreed to $183k. 20% down 30 year mortgage at 3.5%. ~$40k cash to close. Rent will be $1400 and home is ready to rent upon closing. Monthly payment is $940 total with taxes, P&I. This is a 3 bedroom 1 bath home a few minutes from my own home. Appraisal isn't in yet but I believe it will appraise around $200k. Does this seem like a wise investment?