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Updated about 6 years ago,
Recommendations on buying out of state rentals?
Is this a good deal or not?
Memphis, TN 39118
3:2 SFH
Built 1970s but full renovation to include roof, HVAC, floors and more costing about $35k in 2015.
Currently rented for $915. Market rent is around $950 to $995. Long tern tenant since 2016.
Listed for $95k
I Offered $78k
Countered at $82k today.
County website appraisal is $89k
Comps are from $69k to $100k
Rental income:
$915
Vacancy: $70
Cap ex: $70
Repairs:$70
Prop management: $75
Mortgage PiTI: $525 if accepted at $80k with 20% downpayment
Cash flow $100
Is this worth it?? First property btw