All Forum Posts by: Erin Weiss

It's a student rental. We have been running into a couple small issues so I'll let you guys know more details about after I close!

I have my first property under contract (1050 sq. ft SFR, slab foundation, currently 2 bedrooms but will be made a 3br) with the intent of buying and holding.

Purchase Price: $42,000

Repairs Needed: $1,000 (old lady tenant lives there now and it's basically move in ready)

Taxes: $1400

Insurance: $700

Projected Monthly Rent: $900

Thoughts?

Welcome! I'm also on the northside of Indy. Lots of Hoosiers here!

Wow..amazing job!!! Congrats!

@Stephen Masek

where in Indy?

Welcome! I'm also in Indy. You'll learn a lot from being on this site.

welcome! I'm also in Indy!

Thank you @Brandon Turner The low cost of reno is because we already have appliances to put into it and since it's a college rental, we are not making it very high end. You're right though...there's always expenses you're not planning for but with the price of this property, I can afford to put a couple more thousand into reno if needed. Thanks again for the response. Now I'll keep my fingers crossed that my offer gets accepted!

You won't be able to get a 3% FHA loan on an investment property unless your using it as your primary residence. It'll be more like 20%.

Please let me know what you think of this SFH deal. I'm hoping to put an offer in tonight.

Price: 35k

Rehab Costs Needed: 3k

3 bedroom home should rent for about $800/month.

Annual taxes: $900