Is this a good buy or major mistake?

[Vinod Sharma]

Investment Info:

Single-family residence buy & hold investment in Leesburg.

Purchase price: $170,000
Cash invested: $35,000

Just bought this in an auction. It is a bank owned property. Thinking about paying 20% down. Not sure how much cash flow will be but hoping that rent will be about $1300.

What made you interested in investing in this type of deal?

It is a good price, the auction started at $112,000. House is in good condition. Other auction properties were much older such as 1985. Instead of buying a townhome for $150,000 this one is better as it is a house for a similar price. I could finance this house. Typically you can't finance an auction property. Worst come worst, I can sell it for a small profit (hopefully).

How did you find this deal and how did you negotiate it?

bought it through an auction website https://www.xome.com/auctions/

How did you finance this deal?

will pay 20% cash and rest on mortgage

[Vinod Sharma]

Thank you @Darren Lenick for your response. I am very new which you can see from my action. But I am here to stay and learn. I will follow your advice.