Would YOU buy this?

[Brian Huber]

This would be my first buy and hold so I'd love to hear your honest thoughts. Thanks!

3BR/1BA SFH in Inkster, MI

Price: $28000

Gross rent: $9000 ($750/mo)

P&I: $114/mo for 30 yr note or $172 for 15 yr note

Annual Debt Service: $1368 or $2064

Taxes: $1900

Insurance: $500

PM 10%: $810

Maintenance reserve: $900

Gross Annual Income: $9000

Operation expenses: $5010

NOI: $3990

Cashflow: $218.50

Cash on cash return: 41%

Cap rate: 14%

[Fred Heller]

I lived in the Detroit area for many years. Back in the day Inkster was a pretty sketchy area. Not sure what it's like now, but I suspect it hasn't improved much.