I am new and currently learning as much as possible. I want to get my first property asap. I found one I believe will be a good rental. I am interested in starting in single family rentals at this time. So this is what I have... a 3 bedroom 1 bathroom home with a 2 car garage, fenced in yard, less than a block from the grade school (great neighborhood, small town). It is mainly carpet in decent condition, eventually I would want to change it all to hard floors. It has a new heater and ductwork. Central air, and newer water heater. Roof looks in good condition, as well as the foundation. I believe I can get the house for $48,000, taxes were $1200 last year. Upfront I definitely need to paint, change out a couple light fixtures, and will be doing all the work ourselves, but other than that it is move in ready. I think I can rent it for $750-800/month. Usually in this area from my other landlord friends the vacancy is between 0-45 days. The only downfall to the house I see is that you do have to walk through the front bedroom to get to the bathroom, but there is a closet I believe could be converted to an entrance to the bathroom...but it would be directly off the living room. There is bonus space in the back of the house we could put in another bathroom as well.
So for the seasoned rental investors...what do you think? What would you do before moving someone in, and what would you wait to do?
Thanks in advance
