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Updated almost 12 years ago,
Am curious what folks think of following deal...
In an area that can appreciate north of 2%/year and really do 2-4%/year for next couple years (area was flattish for a couple years and surged 8% last year.. not a lot of room to develop further in a growing metro area).
$206K purchase price. Will need $8K work. Targeted rent $2,000 (could be $2,050-$2,100). 3.75% mortgage with 30YR fixed and 20% down. 2.7% property tax rate. Property being created at $85/ft.. . arguably worth $85-90/ft. Clean property in otherwise good condition.. won't need new roof for 5 years. Intended to be a long-term hold.
I like it, but I'm curious how this stacks up in the world.