Hi every one i have been on the site for a while now but just as a reader. I have found a property in my area that my wife and i want to pick up.
Here are the stats
Owner financed note of $170000 at 6% for 30yr
Closing cost of 5500 that i am paying out of pocket
The home needs some work of around to a tune of 12k-15k
The house has a ARV of around 250k-265k
Taxes are 4550 a year
Insurance is 1350 a year
I believe i can get rent rates at 2000 but for worst case i have been using 1800 for all my calculations
I ran the investment calculator and before i refinance the home it say i cashflow 290 a month and after a refinance i believe my cashflow to be around 350. This is with no vacancy rate and nothing withheld for repairs.
My question is this is 350 a month a good return for a house like this in dallas?
