Current Deal I may be interested in Rochester, NY

[Charlene Isoh]

HI Guys and Gals,

I'm currently really interested in the following property but would love experts thoughts on this? Really appreciated! 

List Price : $15,000 - Foreclosure

         Single Family 4 bedroom/ 2 full bathrooms

         2 Car garage in the back  yard with a sizeable back yard half fenced in

Located in Rochester NY

  I did some basic numbers just based off of the pictures and came up with this tell me if my estimations are on par

Income - about 1100/month (based off of rentometer 4 bedrooms in the area)

Expenses

Tax - 130

Insurance - 60

utilities - renter pays

vacancy - 55

repairs - 110

Cap ex - 110

Property Management - 110

_______________________

$600

Capital expenditures that we'll need to put into the house before renting based off of the pictures

(new roof - about $7,000

the inside ceiling looks like there is water damage and might need to be re plastered as well as the flooring in each room may or may not need work - $7,000

Kitchen looks workable minus a few cosmetic fixes on the cabinets

plumbing - will need inspection to look at it

foundation - needs inspection to look at it

windows - inspection

let's just say 20k into renovating and making it renter ready and we are able to low ball them and purchase it for 12k

cash on cash roi - 15% which is great for me (anythiing more than 10% cocroi i'm ok with)

Again, please let me know your thoughts on things i could be missing and if this looks like a good deal!

Thanks!!!

[Aqil Dharamsey]

Charlene Isoh I know this house. It hit Zillow this morning. At best this area for single is around $22k with a new c of o and rented. Your projected rent for the house is off. I think at best you will get around $700-$775. Good luck with the purchase and rehab.