PITTSBURGH INVESTORS (Discussion)

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Hey everyone,

I am new to the forum here and have a somewhat unique situation. I am looking to invest in a single family home to where I already have a definitive tenant. My dad is looking to move out of his current apartment and I thought this might be a good entry point to real estate investing. I am 21 years old and have very good credit (750+). I am prequalified for up to 250,000.

The medium home value in his area is 160k, however he is looking to pay around 1100-1200 in rent every month.

We have found multiple properties ranging from 120k-140k however after running the numbers and also implementing the 2% rule the rent on these properties is way out of his budget.

Is this just a matter of finding a property for around 60k-80k? and putting some work into it to fix it up?

I guess what i’m asking for is a little guidance for my first investment property.

Any help is much appreciated!! :)