Hey there BP members ! I have been on this site and listening to podcasts and a ton of outside research and finally may have found a property to invest in---but I would extremely appreciate some quick thoughts on it from people with experience!
-It's a Single-family home in a stable area that I live in and know and care about
-Outside needs a lot of love
So asking price 80,000
Estimated repairs 25,000
Closing costs 5,000
ARV 125,000
Monthly--
Rent 1,100 (conservative)
Mortgage 380
Taxes. 370
Insurance 80
Vacancy. 80 (8%)
Repairs. 60 (6%)
CapX 80 (8%)
Water and lawn care/snow 70
Loan for 80,000 @ 4.5% @ 20% down
Income 1,100 expenses 1,110 (very conservative)
Should I still bank on appreciation, rent level raises, other?
Thoughts on if this is a decent deal for a first timer to get into the market or if I should wait- thank you in advance!
