Thanks Jon. I guess I should have prefaced with a little about where I live. Median level 3-2 homes in my area sell for around 100k. Smaller 2-1 homes are around 50k. Of course depending on the quality of the house. Its safe to say that I live in a cheaper area of the state.
This particular place is not in a bad neighborhood and is acctually just barely outside the main part of the city, less than 2 miles. As a plus this property is literally one quarter mile from my residence!!
It appears from the listing that it doesnt need much repair, but I have only seen a few pictures. Some updating might make for a faster rent agreement though. Take a look for yourself, and let me know what you think.
http://www.realtor.com/realestateandhomes-detail/710-Avenue-G-None_Bogalusa_LA_70427_M79868-10844?row=1&source=web
This type rental in the area where I live would bring $450-500/month per LU, excluding expenses. It has the potential for positive flow if I play my cards correctly.
Im building an information folder right now as I wont be in a position to talk to the bank for about 6 months. My name is still on a previous loan with my ex wife. I should be getting a release of liability in May, at which time I want to move forward with this.
