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Updated almost 11 years ago,
Home in a Rural area
So I am looking at a 4/2 in a rural area (public record actually shows it as a 5/3), that is a HUD home as well. It needs about $25000 in repairs and they are asking below 50k. I ran several comps and it appears the house would be worth around 100k fixed. I want to offer about 18k based on numbers I've run myself
My dilemma is this.
I want to buy and hold. The rents in the area for a house like this are about 7-800 a month. The numbers for buy and hold seem tight even though i would pick up what would seem like a substantial amount of equity once its fixed.
What am I missing?
Thanks for your time.