Single Family Rental Analysis

[Vince Wiley]

I have found a nice remodeled 2 bedroom 1.5 bath house for sale by owner for an asking price of $69,500. The home has been very well taken care of as I could see by viewing the property. The home has all new carpet, tile, paint, ceiling fans and newer appliances in very good condition. The basement is patently finished with ample room available for storage and there is a nice large yard. If I could get this home for 67,000 with 10,000 down on an FHA loan my payments would be around $400 PITIPMI. I have rented in the town that this home is located in for 3 years and know this home could easily rent for $650. The only downfall is there is no garage. Any thoughts or advice on this deal would be appreciated.