All Forum Posts by: Jenny Sung

I'm estimating if I were to do the bare minimum that it would land me around $2-2.5k

Taxes will be around $4k/year and insurance will probably run around $1.2k/year. I'm putting down 20%. I have plenty of cash leftover but I do want to leave enough to grab a second property if I'm lucky enough. 

In terms of after market value, I'm really unsure. My main goal with this property is cash flow.

Location - Spring, TX

Built in 1977, 3/2, approx 1500 sqft

Contract Price - $120k

Locked-in Mortgage Rate - 3.5%

Total Monthly Rent - $1450

- Comes with Section 8 Tenant (Mom & 3 kids)

- Buyer pays title insurance

- Big items to account for after inspection:

1. Tree too close to the house, needs to be cut down
2. One side of the garage door opener has no outlet to plug into (there are a total of 2 single garage doors)
3. Kitchen sink drain pipes are "amateurishly" done
4. Rusting of the evaporator coil in the attic (20 yrs old)
5. Attic lines don't have enough insulation
6. One bathroom toilet is cracking and needs to be secured
7. Roof is missing gutters
8. Roof shingles vs flashing wasn't done 100% correct, needs more space

The buyer agreed to a $500 closing cost credit. Would I be dumb to not move forward in this deal?

Location - Spring, TX

Built in 1977, 3/2, approx 1500 sqft

Contract Price - $120k

Locked-in Mortgage Rate - 3.5%

Total Monthly Rent - $1450

- Comes with Section 8 Tenant (Mom & 3 kids)

- Buyer pays title insurance

- Big items to account for after inspection: 

1. Tree too close to the house, needs to be cut down
2. One side of the garage door opener has no outlet to plug into (there are a total of 2 single garage doors)
3. Kitchen sink drain pipes are "amateurishly" done
4. Rusting of the evaporator coil in the attic (20 yrs old)
5. Attic lines don't have enough insulation
6. One bathroom toilet is cracking and needs to be secured
7. Roof is missing gutters
8. Roof shingles vs flashing wasn't done 100% correct, needs more space

The buyer agreed to a $500 closing cost credit. Would I be dumb to not move forward in this deal?