when property taxes kills the deal
Hi all, I was looking at a $80k house that's in OK shape except for a hole in the one of the ceiling and an odd small patch of mold in a damp spot in the basement stairwell, not a from a leaky pipe in a ceiling. Likely from damp moist air and poor circulation.
But I digress, the max I would pay and think it's worth is 70k. Which would cash flow a nice $1,400 or $480-500 net, but then I realized the taxes were triple what I estimated, instead of 2k it was over 6k! In my eyes that's nearly 10%.
So instead of cash flowing a comfy $500 I'd cashflow maybe 100, too risky for my blood. anything going wrong could put me in the red...How sad is that? My agent didn't say anything about a reassessing the taxes and that that's good much the neighborhood goes for. That just sounds astronomically disproportionate.
Anyone else have a nice deal killed by prop taxes?