22k House with Owner Finance Offer

[Dwight Crocker]

I just wanted to share an offer I had from a seller. The total sales price is $22,000 which is a fair deal for this small town in northeast Texas. Down payment is $2,200 with payments of $348.45 for 10 years. I assume the payment includes PITI but I have not heard back from my last email on that subject.

The house is and older 2/1 that has some deferred maintenance but could be ready to rent quickly.  Rents for a two bedroom is this town range from $450 on the low end to $600 on the high side.  This house looks like a $500 house unless you allow pets which would get you to $550 - $600.

Here is the link to the craigslist posting.    http://texoma.craigslist.org/reo/4799066649.html

I'm not "chopping at the bit" to get this deal but I wanted to see what others thought.

[Arlan Potter]

a better deal might be to offer $15,000 cash and quick close. Then a $600 rent would be 4% per month. Paid off in two years. Sweet.