Would You Do This Deal? (Question from a Newby)

[Jay V.]

First of all, I want to thank everyone for their contributions to this site. Reading here and doing research is the only reason I’m confident enough to consider getting into rental properties (and hopefully build long-term wealth).

I have found a property that I’m interested in and I’m curious to hear if you more seasoned investors would go for it.I know it’s impossible to know online, but I’ll give you everything I know:

• 2 Flat – both 2 bed/ 1 bath
• Listed at $119k, realtor indicated that there’d be some flexibility so I’m hoping to get it under $110k.
• Estimated Rehab $15k (I’m going to firm this up significantly before closing).
• Rentometer says fair rent is $900/unit.My gut knowing the area is that $700-$750/unit is a safer estimate.
• Taxes of $4,600
• Tenants would pay utilities, but I’d probably hire a lawn cutting/snow shoveling crew.
• Visibly looks like a single family and surrounded by other SFH on quiet street near pretty good schools.
• A partner and I are able to put down 25% and pay rehab costs up front.

It’s in an older, but relatively stable southwest suburb of Chicago.Taxes suck in this town, but otherwise it’s an appealing town for me to be in.

If anyone has thoughts I’d love to hear them.