Seller is the Agent.Seller bought property in January of 2023 for $730,000Current “As Is” Value : $770,000Target Acquisition Price: $730,000-$780,000 After Repaired Value: $900,000Repair Estimate: $120,000Initial Offer Amount: $715,000Loan Program: Bank Statement Program.Total Estimated Monthly Payments (Principal, Interest, Taxes, and Insurance) $5500/month (based on $770k purchase price)Estimated Gross Yearly Income from Short Term Rental: $160,000 (65% Occupancy, $700 a night| (STR Listing Comparable properties Listing 1 Listing 2 Listing 3)Net Monthly Income after management and taxes: $11,751.25Net Monthly Income after Mortgage Payments: $6251.25 ($75,015) Per YearTotal Cash Investment: $297,000 ($177,000 in down payment and closing costs and $120,000 in repairs)Average Yearly Return on Investment: 25% yearlyAverage increase in property value per year: 5%Average increase in booking revenue per year 7.5%Property Value average after 10 years: $1.5 millionTotal Cash received over 10 years: $1.3 million.Total Equity multiple min over 10 years: 6x total return on $297,000 invested.

I found houses that had not been well kept up.

Even if you rent the house for $2,000 a month, you will still lose because of maintenance, vacancies, and the expensive mistakes common with newer investors.You can borrow up to 70% of the equity.

When I was renting (mostly houses), one of the first things I did when moving in was re-key the locks, then provide the landlord with a copy of the key.

The best thing you can do is familiarize yourself with Housing Quality Standards (HQS) and ensure your property meets them before your initial inspection.

At 29, I’m working toward retiring in 15 years by acquiring 10-20 rental properties using house hacking and the BRRRR strategy.

The interest rate is 7%, so we suggest this property is for someone who wants to get into Lease Options and meets the other requirements such as adequate reserves and credit.That means, they buy the property, they wind up with $50,000 in equity and they do a Lease Option to a buyer who doesn't currently own a house, but wants to.

***depending on how far the house is from the coast, you mayalso be required to have a separate Wind or Hurricane deductible.

Ours is Lucas County Housing (LMH, previously LMHA).

However, they go to far in being different.Your house looks great!