I am new to the phoenix Arizona area I just came across a deal and i'm wondering if the numbers add up the house has a mortgage on it that the sellers want to be paid off the area where the house is in a decent area they did some work on it they added an extra bedroom so instead of it being a 3br/2th its now a 4br/2th 1,400 sq foot with a lot size over 6000 sq ft the mortgage thats owed is 53k the house needs minimal repairs it really just needs to be updated they want are asking 102k free & clear and they want the mortgage of 53k to be paid off  total asking price including the mortgage price 155k is the total asking price houses in that area have sold for a wide variety of price range is my concern they range selling price is anywhere from 80k all the way up to 210k  properties withing the 1 mile range of the house have sold for 170k to 210k is this a good deal or should i try to go back and renegotiate the deal

I’m guessing, without using an amortization calculator, that $200 extra per month is for the Entire loan period, 15.3 years, not just for 12 months

There is a 10 day outbid period after accepted bid.  

UPDATE: Having entire roof repaired for $3,175.00.

Generally you have a pretty good idea of value and we make sure to have a due diligence period to verify all information given.

During that lag period, there probably will not be a as many buyers in the $446k-$475k and $669k-$715k ranges.

With the current tax proposals, if you purchased a property with a large loan the interest may not all be deductible however renting is one of the worst things you can do from a tax perspective.Given the information you have posted and past experience I suspect that your best bet would be to structure a 1031 exchange on your property with the greatest appreciation, exchange it for a property that you want to live in, and move in after a period of time. 

I certainly understand your mindset, however I would go with the 2nd rental property rather than paying off the mortgage right away.You might initially have less cash flow, but rental income should increase while your mortgage payment should only be decreasing (assuming you don't have an adjustable rate mortgage).I also like the idea of having more than 1 rental property because, if each property is cash flowing like they should be, you have more of a financial cushion during periods in which one property is vacant.

And that both properties are turn key with maybe some room to update over time.At first glance most would say go for the cash flow, but I was thinking about the benefits of the higher purchase price as well.

Renovate the units as the tenants move it, it means less capital all at once, and you get cash flow from the other units while the unit is question is being updated.