Good potential deal?

[Errol Robateau]

Hi all,

I just wanted someone else's opinion on the deal I am thinking of.

I found a rental income property that is selling for $100k. Current renatl income is $700 per month. I got an appraisal done and it is valued $180k. Boyhood the appraiser and myself looked at the house and it is in really good shape. No repairs needed at all. Reaaly nice.

I am thinking of putting in $50k cash and get mortgage of $60k for the balance + closing costs. Then sell it in a year for hopefully $180k which would be a nice profit.

Area is stable, growing, and I think it hold it's value. Person selling it needs the cash.

What do you think?