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Updated about 11 years ago on . Most recent reply

User Stats

1,158
Posts
655
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John Horner
  • Flipper/Rehabber
  • Columbus, OH
655
Votes |
1,158
Posts

Buying my second rental property - Analysis

John Horner
  • Flipper/Rehabber
  • Columbus, OH
Posted

I had my offer accepted on a 3/1 in the Columbus Area. The area is working class with little crime. The property is right across the street from a brand new elementary school, which I see as a plus.

My offer was accepted at $34k, it needs $1500 in flooring and paint to make it very nice. The rental market shows $850-$950 for a 3 bed, but being on the smaller end I am only expecting $800 in rent for this one.

Cash flow will be near $300/month after PITI and 25% put away for repair, maintenance, management, vacancy and eviction.

My reservations are:

-Right next door is a vacant property, just ugly.

-There is almost no storage, lacks garage and basement

-Sq ft is on the smaller end of the neighborhood

-Looks nicer then all comps, new trim, laminate flooring, SS appliances, remodeled bathroom with tile.

How much will the negative factors effect the rental rate? (no storage and next to vacant property).

  • John Horner
  • Most Popular Reply

    User Stats

    287
    Posts
    98
    Votes
    Liam Goble
    • Rental Property Investor
    • State College, PA
    98
    Votes |
    287
    Posts
    Liam Goble
    • Rental Property Investor
    • State College, PA
    Replied

    The first thing going through my head is: can you also buy the vacant property and turn that into a rental as well?

    Loading replies...