My First Deal Analysis

[Tyler Pharr]

Dear Bigger Pockets, 

I believe I have found a deal. But, I don't know, what I don't know, which is why I am here asking this great community for advice.  The property is a single family home 3 beds, 1 bath, ~1000 SF listed at the price of $79,000 USD, it's been on the market for at least 4 months.  It's in poor condition, could use a new porch, new kitchen floors, roof and AC are older but no issues found pre-inspection.  

The reason I call it a deal is that the property has had the same tenant there for 15 years paying $800 USD. I have met with the tenant, he wants to continue to stay there.

I am here seeking advice and I don't know what questions to ask but I know someone here has some helpful tips to drop my way. Plus, I think polling the audience would give a gauge on how good or bad of a deal it is? I am I getting a false sense of secured because the deal already has a tenant? 

Also, I could use a rental agreement if anyone has a good one. 

https://www.zillow.com/homes/for_sale/2025-Selden-...

Very Warmly, 

Tyler

[Robert Leonard]

@Tyler Pharr In this type of situation, one of the biggest questions I look to answer is "why hasn't someone else bought this yet?" It is likely that many other investors have looked at, and passed on, this property with it having been on the market for 4+ months. That doesn't mean it isn't a good deal for some people, such as yourself, but I always need to be comfortable with the answer to that question before I move on a property that's been on the market a while.

Robert Leonard