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Updated over 11 years ago on . Most recent reply
First Rental Analysis - Deal or No Deal?
I have a lead came in from Auburn, Wa, which is about 30 minutes away from Seattle, Wa. I was wondering if this deal seems enticing to a buy and hold buyer? In my particular market, King County, properties prices are high and difficult to find good cap rates. Our market average is 4-6%; however this property has been analyzed at 7.89%.
Deal Analysis:
Sale Price to Investor: $140,000
Repairs: 0 (Fully renovated, new tile floors, marble granite table, move-in ready)
Rental Estimate: $1,400
No HOA
Annual Taxes + Insurance = $2,200
House built in 1969, 3BE, 1 BA
House is 960 sq. ft.
Rental comps in area are between: $1350-$1500 for 3/1
Great cash flow property, right across the street from a community college in high demand for student rentals). Owner inherited family’s property but does not want to be a landlord anymore.
Would this be a tough sale or does it seem reasonable?
I appreciate all feedback.