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1st Time Investor - Need Help Analyzing a Deal
Location - Spring, TX
Built in 1977, 3/2, approx 1500 sqft
Contract Price - $120k
Locked-in Mortgage Rate - 3.5%
Total Monthly Rent - $1450
- Comes with Section 8 Tenant (Mom & 3 kids)
- Buyer pays title insurance
- Big items to account for after inspection:
- Tree too close to the house, needs to be cut down
- One side of the garage door opener has no outlet to plug into (there are a total of 2 single garage doors)
- Kitchen sink drain pipes are "amateurishly" done
- Rusting of the evaporator coil in the attic (20 yrs old)
- Attic lines don't have enough insulation
- One bathroom toilet is cracking and needs to be secured
- Roof is missing gutters
- Roof shingles vs flashing wasn't done 100% correct, needs more space
The buyer agreed to a $500 closing cost credit. Would I be dumb to not move forward in this deal?