Reno Already Done On Possible Buy & Hold Purchase
Ok so what if you find a property that was just renovated with new HVAC, floors, roof, gutters, kitchen, bathroom, etc.. to be like brand new? When I run the 50% rule with counting 10% for things like CapEx, repairs and maintenance, etc. and then subtract the mortgage payment I am sitting at about $100 a month. I think the cashflow will actually be better because of the fact that everything is new and I will be the project manager in the beginning. I have calculated 10% in the property management though just in case in my numbers.
Purchase price would be at about 55K. This is a 2/1 older cottage style home in a C+ Neighborhood. The asking price retail is more obviously but I am fairly confident if we could make the deal at the above price and be ok.
Thoughts?