Off Market Deal in Milwaukee

[Donald D Michna]

I have a house in an off market deal in the Milwaukee area that i am looking at, the property is located in the 53206 area code. I wanted to see what others thought about the numbers. The seller is looking for $15k, he says that may rent for $700 (I’m thinking more like $650 at the most). It has 3 bedrooms and 1 bath with a half bath in the basement. All mechanicals look to be in decent shape, roof is good, newer vinyl siding, recently replaced windows, all appliances will need to be replaced, the entire inside of the house will need paint, flooring will need to be replaced, I estimate 10k in repairs. The seller is also willing to provide seller financing, he is offering 10% with $3k down, monthly payment of $159. Know the area and understand that it is not the best area. I also see quite a bit of investors looking at houses in this area. I think the price for this area is a bit high. Please let me know your input.