[Calc Review] Help me analyze this deal

[Joey Hicks]

Hello all what do you think of this deal? Rents are low the current owner has owned the property for 5 years and never raised rents. Tenants are month to month with no lease. This will be owner financing for 1 to 2 years paying $20,000 down with 3% interest. I'll need to refinance by the end of year 2. Current rents are $450 and $400.  I can raise rents to $650 and $600. I'll more than likely lose the renters who are long term renters. How would you all proceed in raising rents? Would you even buy the property?

View report

*This link comes directly from our calculators, based on information input by the member who posted.