Now I am really hesitant to close this deal...Deal summaryLocation: Norcross, GAPurchase Price: $218kUsing conventional loan - 4.375%, 20% downpaymentmarket rent $1600-1650brand new (less than 4 years old) townhome, end unit, in a very favorable locationThis community/area has gone up $60k in the last 3 years and I thought there was some room for more growth given the market condition + desirable location. 15 year old houses are trading around the same price in the area, which gave me a little more confidence that this property could gain value in the next few years.

I did get a Freddie Mac quote last week at 4.32%, but they don't fund rehab so not our preferred route.I agree it would be tough to buy at a 6 cap if debt were nearly the same cost, but that's assuming no improvement to the property, correct?  

@Agustin Jimenez It is still in the middle of a revision, unfortunately, the last web contractor kept charging like a bottomless soda.

We just evicted a tenant for non-payment of rent last month.

So I had new tenants move in the last week of July.

@Fred Heller Do you there is possibilities the flood map will be changed for those that are not in the flood zone but were flooded twice since last year?

Love real estate and went to a real estate meeting last Friday in Morehead, NC.

I don't have a W-2 job nor tax returns from the last two years to be able to pull the mortgage under my name/credit/income.

I guess I started more motivated as I began listening to bigger pockets and audiobooks this last spring.

Also, does any owners of units simply go through and replace the anode, thermostat, and heating elements for less then $100 in materials and find that has proven to be a solution to get the units to last another 7 to 8 years?