Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 2 years ago on . Most recent reply

User Stats

7
Posts
1
Votes
Anne Carlson
1
Votes |
7
Posts

First Time Investor/First Time Poster- Would you buy this property? Help!

Anne Carlson
Posted

~This property is listed at $63,000.  

~It has 3 bedrooms, a garage, a full basement, and lots of living space (living room, dining room, large breezeway). It is outdated, which is the norm for rentals in our area. I would do some cosmetic updates.

~Rent for a 3-bedroom home with garage in this area is between $950-$1,000. 

~I'm in IL where property taxes are high. I can't find the taxes for this house anywhere, but they could be anywhere from $800-$1800. My realtor is looking into this for me. I know this is key info.

~Of course, I would love to get the price down if I make an offer.

I would so love and appreciate your thoughts. Thank you!    CLICK HERE TO SEE THE ZILLOW LISTING!

Most Popular Reply

User Stats

4,217
Posts
3,886
Votes
Jaron Walling
  • Rental Property Investor
  • Indianapolis, IN
3,886
Votes |
4,217
Posts
Jaron Walling
  • Rental Property Investor
  • Indianapolis, IN
Replied

After a quick search I found some really important information on this property. If I was newer investor I'd walk away from this deal. 

I work in the environmental field. You'll need flood insurance if you're taking out federally backed loans. It's expenses most of the time. Appreciation in a flood plain is near zero. Unless you plan on holding for life you'll struggle to resale as in the current case. It's been on market for 216 days for a reason. Best of luck. 

Loading replies...