How's this deal look?

[Evan Schluederberg]

My wife and I are looking at a 3 unit, fully-rented house in a suburban neighborhood 20 mins from downtown. The house has been completely renovated (completed in Feb/March 2016) and seems to be turn-key. It was investor owned and he is liquidating several properties at the moment. 

Here are the stats:

- 3 Units, 2 - 2BR/1BA, 1 - 1BR/1BA, All with separate meters and entrances

- Unfinished basement

- Purchase price = $162,000

- Gross monthly rent = $2,600

- Property Taxes = $4,279

- Tax assessed value = $184,000 (assessed in 2016)

This would be our first investment property.

What do you think? Good deal? Any reason to not move forward?

Thanks for the assist!

[Ned Carey]

The numbers look like they could work but there is a lot more that goes into evaluating a property. What is the condition? 

Most Baltimore properties are 50-100+ years old. What has been upgraded and what has not. Is it occupied? how good are the tenants? Are there lead certificates? Is it lead free? What level finishes does it have? Where is it located?

There are too many unknowns. This could be a Great deal or a total looser!