All Forum Posts by: Jonathan G.

If I needed to redo some of the flooring in the house, repaint, and update some of the fixtures, would you have any idea of how to go about estimating that kind of cost. It looks like I could go from $1,350 to $1,500 or more for rent. Just not sure how to calculate that and evaluate it if it would be worth it.  Could I wrap this cost into the loan if I bought the house?  

I have several friends that live in this town and when they were looking for a place to rent they had a hard time grabbing a place before it was off the market.  With that being said, I have looked to try and find places for rent in the zip code as well as the town and have not yet been able to find any comps or availabilities.  What would your advice be?

I also for got to add that the assed value on the county tax website is $126,162

Any advice on how I can go about getting a clearer picture on rent? @Account Closed 

Below is info on the deal.  Any advice would be appreciated.  Let me know if I missed anything.  Thanks!

House cost is $125,000 - negotiate to $122,000 (4/2) 1626 sq ft.

Taxes = $2,582

rentometer states = average rent = $1198, median rent = $1298

Realtor comps for rent = $1,400-$1,600

I ran numbers using = $1,375/mo rent

I plugged in 8% Vacancy Rate, 6% Maintenance, 6% Cap Ex, 10% property management

Here is what the calculator spit back out.

Are they archived somewhere for us to review?

@Nathan Brooks  I agree with that 100% I firmly believe in mentorship.  I have many mentors in many areas of my life.  Just starting out on this journey and I am looking to find another one for this new area of my life.

@Nathan Brooks  I hear you loud and clear.

@Bill Jacobsen Thank you for weighing in.  I appreciate your input.  I still feel lost.  What info am I missing to make a better decision that I can bring to the table for this property?  I am not trying to make this one work, I am just wondering if there is info that I am leaving out.  I know we never should do a deal based on appreciation.  I think the way I looked at this house was also to consider the following-- because of the area that it is in, the growth that is going on in that area, a new highway project that is just about to start and because it is in a good school district while being in the center of it all.  I assumed if I can just break even monthly that I would be able to exit out in the next 3 to 5 years with appreciation.   Again I am completely new to this and would be open to any insight.  Let me know what other info I would need to even see if this would fit.  Thank you again for your help.

@Nathan Brooks  hey nathan can you elaborate more on what you meant in regards to the appreciation.  Thanks!