Should I do this deal? This will be my first purchase!

[Carlo Santarelli]

Would you do this deal?

Two Storey Single Family Home in a quiet neighborhood
Square Footage: 1244 sq/ft
2 Bedroom
1 Bath
Detached Garage
New Roof
New Central Air
No major repairs needed

Lancaster, Ohio 43130
ARV: $74,000
Asking Price: $74,000
Property Taxes: $1929/yr
Repairs: $0
Rent: Currently renting at $650 /Month... There is already a tenant and they pay all utilities, too.

I guess it was in the family for 57 years, the mother just passed away, and the two childeren want to unload all of the rentals. Also, what kind of offer price should I make?

Thank you so much,
Carlo Santarelli

[Amanda Sutherlin]

I'm just starting out, so consider that when reading my answer :)

I won't consider a house which I can't get 1-2% of the purchase price including cost of repairs per month. If I can't, I move on to analyze another house. You will need at least $740/month rent at the asking price. If all you can get is $650/ month then don’t pay over 65k. Hope that helps, others might have more insight. Good luck!