@Simcha Davidman hey thanks for all the great insights. The area is in Westchester and the appreciation of the town is about 3 percent a year so can’t get in it for just the appreciation alone.
The house is in decent condition but will likely need a new roof and boiler within the next two years. I figured 25k for that plus 50k for some basic renovations - two new bathrooms, some landscaping, windows, re-carpet, some new kitchen appliances. I figured for 75k all-in with the new boiler and roof I’d be okay with a low capex.
I am looking to rent out for 4250 which I think is doable and to high net worth individuals which is the core of this area.
So the numbers would be 425k purchase + 75k renovations + 2.5k closing. The after repair value of the house would be 600k based on at least three nearby comps. And With low mortgage rate I could cash flow 1k a month (even after accounting for about 15k per year taxes). I thought that’s pretty good/safe for my first investment; but maybe I’m wrong?
