My first Deal Possibility - Buy and Hold SFH

[Paul Cox]

Hey BP community,

I am a newbie investor from upstate NY and I came across this 4 Bdrm 1.5 bath SFH for sale in a B neighborhood in the small city of Rome, NY when they were holding an open house last month. These are the details:

The house has been on the market for at least 3 months

House is 2196 sq ft

Great condition on the outside with a new roof just installed within the last year.

Inside needs some updating...(Figuring 5-10K) Pull up carpet and refinish Hard Wood Floors, appliances in the kitchen, bathroom spruce up and much wallpaper to remove as well as new paint and some ceiling work in the kitchen and one of the bedrooms

When I viewed the house during the open house, it was listed for $77500, but price was recently dropped to $74500...A radon reduction system needs to be put in as well as a new sump pump. I'm thinking of offering $67,500 and offering to take care of the radon reduction system and new sump pump as well as repainting the window seals which probably have lead paint underneath the cracking paint there now.

Taxes for the property are $3828/yr

Figuring 900/yr for insurance

Most people are telling me that I can get at least 1000/mo for rent but I'd like to shoot for 1250/mo

I've seen a lot of different posts out there about spread and margins and I'm not sure what equals a good spread or margin. You can see the property at

http://uticaromerealtor.com/search/details.php?MLSNum=1204126

I like what I see, I'm just not sure if the numbers work out in my favor enough...

Ideas and thoughts?

Thanks

Paul