Small Town Maine - SFR Purchase
My real estate journey is heating up, in the process of closing on a 2 BR 1 BA (800 sqft) Single Family Home in Central Maine. Small town on the outskirts of a larger city for the area.
Purchase Price: 80k
Inspection came back pretty good, a lot of minor things.
Estimated rehab cost to get rent ready: $5k
Projected rental income $900 - $1000
PITI: $445
Cash to close: $21k (20% down, closing cost)
Will be asking for seller credit instead of repairs so closing costs may come down a little for me.
Not a stellar cashflow, but also a pretty low risk. Est 10% CoC return.
Thinking the 2 BR 1 BA SFR may be my niche, I've had a great experience renting out the other similar style home I own in Virginia Beach. Typically families w/ one kid that take good care of the place.
Will follow up after closing plays out.
Most Popular Reply
@Mike Berube Nice to see another local investor making moves! I'm under contract for a duplex in Auburn, looking to close at the end of the month. What town is your SFH in?