Vacant Section 8 Rentals 160+ DOM

[Mogi P.]

Hi everyone,

I found a very distinct row of 20 SFHs (all pretty much the same floor plan). I am looking to acquire one (or two) as a rental. No record of rental comps for these specific houses on MLS, so expanded to surrounding area and came up with 1100/month. I have put offers in for two of them.

1) offered: 43.9k
est repairs: 5k
2) offered: 37.5k
est repairs: 11k

Here's the rub, 4 of these houses are being listed as section 8 for 1300-1400 rent. Three of them were listed since November 2010! This could potentially be my first rental, so, naturally, I am very nervous about those many units being vacant for that long. I have chalked it down to the high asking rent and the time of year. What are your thoughts? I appreciate any guidance and opinions.