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Updated over 8 years ago,
Potential SFH turnkey property. I need help evaluating!
Hi BP team
I came across a single family in the north houston area and I'm thinking about making it my first purchase as a turnkey rental. I have had analysis paralysis too long and I need to act! I would love some advice on if this is a good deal or not. Here are the details:
Asking price: $125,000
Sq ft: 1,197
Bed/bath: 3/1.5
Property tax: $725
Insurance: $800
Down payment: $10,000
Calculated mortgage: $889
Desired rent rate: $1,100
Cash flow: +- $200
If anyone could analyze the numbers and let me know what they think I would be so grateful! Like I said, I am ready to step up from the sidelines and get in the game but I don't want to make a horrible decision. I appreciate any help I can get!
Thanks :)