First Rental Opportunity

[Chris Harper]

Hi BP,

I'm moving to make my first purchase on a property. It was recently renovated 2/1 and currently has a tenant using section 8. Asking price is 50,000, a property was recently sold for 46k in the same neighborhood. After viewing the P & L the GRI is 10,800. The NOI is 2,800. Thinking about going in cash due to the interest I saw on the P&L eat $2k. Should I consider this property or keep searching?