is this deal worth the time?

[George P.]

here are the details.

I just bought a house 3 streets away for $75k. i had to put only 6k in that house and rented it for $1,150.

So, this new one is a SFR, asking price of 80k, which is overpriced when you take into account how many upgrades it needs....which are:

Windows $6,500
House Roof $4,800
Waterproofing $3,000 (might not have to do it)
Driveway repair $2,800
Garage Roof $2,250
Plumbing $1,500
Furnace &AC $1,500
Garage Door $1,350
glass block basement windows $1,000
Water heater $700
Replaceelectrical riser $650
Repair garage trim $575
Garage Opener $350

So, give or take, it would cost me around 25k (and my track record shows i go over my estimates :oops: ) in the next few yrs.

My immediate fixes that would need to be done are roof, plumbing, water heater, paint, carpet in order to get it rented. That would be around 11k.

What i am trying to say is that spending 11k to get a renter in means that i would not be breaking even for quite awhile. I know that all houses eventually will need a new roof, new windows, etc, etc, but this house needs all that up front before i even get a renter, with a monthly rent for $1,150.

my initial thought is to offer 61.5k how can i tell if even that low ball number is too much? how can i evaluate this deal over the short and long term?