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Updated about 7 years ago,
Perfect property location and price but no financing options
Hi Bigger pockets community,
I am new to the bigger pockets and real estate investing in general. I am trying to learn as much as I can to feel comfortable with purchasing my first property.
However, last night I found this property listed on realtor.com. The property is not to appealing but it has a lot of potential especially since it is in an up and coming area of Boston, MA and is about an 10-15min drive from the Metropolitan area here.
Some details about the property: It is listed at 250,000 and is a Single-family home with 6bd, 1 bath and 2,316 sq/ft. The home is currently boarded up and the seller is looking for a short sale. Also, area median listing price is ranges from 379-599,000.
With being a newbie in this business I am unsure how to calculate if this is a deal, how much renovation expenses would be, cash flow, and financing options.
Let me know what you all think, thanks!!