First time investor in Fort Liberty, NC
I am currently looking to invest in a SFR near Fort Liberty, NC. It is a little over a hour from where I live and would like to house an Army family. I remember starting out years ago in the military so even making a marginal, positive impact would be rewarding.
After two weeks in searching, there is three houses I am drawn to. I have rental reports for each one and the properties are listed below by purchase price:
1. Foreclosure: for $110k, I could enter the REi scene. With the highest CoC ROI of about 4%, this would be the biggest risk. If before occupancy repairs amount to more than $20k, I could run into trouble. However, it has the most early cash flow potential.
2. Mid-range: for $130-$155k, I could have a turn key property built around the 1960s. Everything seems lukewarm about this.
3. 2024 property: for $200k, this is stretching my budget leaving little room for an emergency budget or positive cash flow. The properties seem a bit dated design by my standard but without any work I could have a home that rents for above the median rent of the area of $1,160, Most homes around Fort Liberty were built before the 1980s so a newer home may appreciate more over time.
As a first time investor, there is a lot of information to take in but the potential to make connections in the REI and military community is invigorating. I appreciate the varying advice people have given me already as it showcases their personalities, risk tolerance, and values. Looking forward to local insight and general tips.