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Updated about 6 years ago,

User Stats

45
Posts
6
Votes
Benigno Cunanan
  • Woodbridge, VA
6
Votes |
45
Posts

Recommendations on buying out of state rentals?

Benigno Cunanan
  • Woodbridge, VA
Posted
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

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