I'm planning to make an offer on a SFH in Indianapolis, possibly 2 SFHs in Class C areas. Both are move in ready. The first one is $119,000. It's 2 bedroom/1 bath on a quiet street in an area with growth. Great house with built-ins. Potential rent is $1000, could ask $1100. My estimated mortgage payment is $824 (PITI). I asked my realtor about making a cash offer of $118,000 or doing financing at list price and asking for seller's concession of 2%. It's been on the market for 5 days. One lender said if I paid cash I could do a delayed financing 6 months after and cash out about 80% of the appraised value.

The second one is $120,000, main house has 4 bedrooms, 1 bath and ADU/carriage house in the converted garage has 2 bedrooms/1 bath. Potential rent is $900-$1000 for main house and $575-$750 for the ADU. My estimated mortgage is $827 month. My hesitation is it's on a busy street and the dining room in the main house has a sloping floor. It's been on the market for 46 days. The seller's agent said the sloping floor has been the reason that it's been on the market for so long. Their inspection don't reveal any foundation issues but they said I'm free to do my own inspection but property is being sold as is. My realtor did a video tour of both properties and she couldn't see why the floor was sloping. She said a contractor could fix the sloping floor for around $15,000 to $20,000. It was built in 1910.

To add to my choices the investor for property #2 owns a 2 bedroom/1 bath house next door, listed for $100,000. He said he'd give me a deal if I bought both properties for $210,000 so $5000 off each one. Realtor hasn't looked at this one. The investor mentioned this property after my realtor viewed the other one. This would be convenient for my property manager since both properties are right next door.

My other properties (California and one Indianapolis suburban) are Class A but prices are much higher with Class A and my rent ratio wouldn't be as good if I try to buy Class A in Indy. I'm not sure if I should try to pay cash for the first one and if Property #2 I should consider with sloping floor. It has good income potential with 2 rents. Or try to finance 2 properties? With property #2 and #3 I don't think there's a rush to make an offer since it's been on the market for a while. If you DM me, I can send the listings. Thanks for any advice.

San Francisco, California

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