Hello Bigger Pockets family, I am looking to invest in my first rental property and have come across a 2/1 bungalow in a transitional neighborhood, list price is $74,900. This unit is currently being rented, with tenants who want to stay on and sign a long-term lease. I viewed the property this morning and noticed that the current owner has not done much in the way of keeping up the property, there are several glaring issues (window in shower with obvious water damage, linoleum floor coming up in the kitchen area and possible lead paint issues because the house was built in 1950). I am trying to figure out what the the ARV would be but I am having trouble because the neighborhood is so mixed. Recent sales in the area range from $52,000-$152,000. I think the only thing I would want to address right away would be the bathroom/shower and lead paint. The rest I can do over time.
How can I be the most accurate in the calculations?
Would I be a bad landlord if I just kept everything the way it was and fixed these issues when the tenants move out?
Any advice would be greatly appreciated.
