Optimizing single family rental (New investor soliciting advice)

[Chris Greenawalt]

Hi Guys,

I am in the process of buying my first investment property. It is a single family that was listed as a 3 bed 1 bath. It had a legitimate 4th bed (heat and closets present) and room to add a half bath with minimal impact to living space. I saw this as instant value add and pulled the trigger because the est rent worked out to 13% CoCROI and about 38% total annual ROI (based on 5 yr sell date and conservative for the market 3% appreciation rate).

I am very nervous about investing in single family for my first property but I have a process in place to cover vacancy. This is recently remodeled and most larger components are new (appliances, heater, windows, etc). I think my biggest concern is keeping it rented. My Mother in Law is my agent and is confident we can keep it rented so that is easing my worries. All this said, do you guys have any tips, advice, anything that I can learn from?