My NEW rental Property I am buying
Hello everyone, I am hoping to get some feed back on a rental property I am about to purchase.
Purchase price: $7,000.00
Taxes: $975
Repairs: $28-$35k (depending on how much work I personally do, it could be substantially less)
Rents: $800-$900 / month
I am not going to lie, this is not in a highly desired part of town. However, This town (Washington PA just south of Pittsburgh) is flooded with gas, oil, and shale mining workers from out of state. I have 2 rentals in this area (1 of which is on the same street.
This would be the first time I would be paying cash for everything. I am wondering how to use certain rules (such as 50%) to know if this is a good deal. Any insight or help I'd great appreciate! Thanks, Happy New Year!