Single family by the bedroom

[Jarret Durst]

Hello everybody,

Im stumped on something. I friend of mine wants to sell me his house for $130k. His realtor had an appraiser look at it and said it’s worth $190k. Would it be a good idea to take him up on that and rent out by the bedroom? 

Nothing wrong with the house he him and his wife just bought another house because they wanted to downsize since all their kids moved out and wants to be done with the house.

- Marshall University nearby

- 2 hospitals

- nice park

- nice area

- not a flood zone

- main road coming into town is being updated

- average rents for 1BR 1BA is between $550 & $800

Also, would it be possible to cash out refi after a year if I buy that much under appraisal?