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Updated almost 7 years ago, 01/03/2018
I need to know if this is a good deal
I am finally ready to buy my first rental property. I just need to know what everyone thinks. The house I am looking at is 125K, but needs paint, carpet, AC, and foundation. The total for repairs is 11K. I can get a loan for 136k with 15% down @ 6%. After repairs the property would appraise for $160k and I would rent for $1400. I just need some advice, and motivation to do this deal if it is a good one.
Thanks