3rd rental property, assess deal
I have a contract for my third property, this is lower end than I am use to. It's in zip code 46224. Indianapolis. Not the greatest area, but not a war zone, seemed like a quiet neighborhood with multiple types of people.
3 bedroom 1 bath, 1100 sq ft. HVAC new in 2012, new roof, newer water heater, updated windows, vinyl exterior. House could possibly use some new flooring, but really doesn't even need that, virtually move in ready.
Purchase price $42k
Estimated rent- 730-750 a month.
Taxes - 1200 a year.
Insurance- 500 a year.
Expect 400+ in gross cash flow, expect expenses to run pretty light, considering all big items are nearly new.
Thoughts?
Tips on lower end rentals?
Thank you!