Found a Rental property, need some expert advice
I found this condo, its selling for $47k. Its a 3br 2bth, 1200sq ft. Its near a pretty rough neighborhood, but the complex that it is actually in is gated and fairly nice. I was pretty gung ho about it, I thought I could rent it for around $1000-$1,100.
I went to the complex the other day and I saw a property management sign in one of the other condos. I called the company and the same basic condo was being offered through them for $850mth and it was also section 8 ok.
So that has soured me alittle on the deal. Another kicker is that the 20% down I am coming up with is borrowed from my line of credit.
So I fiquared roughly my bills on the property
payment-$240
HOA -$230
Line of credit payment-$200
Utilities-$120
Low end Rent-$850
High end rent - $1,100
cash flow $60 to $310
Any advice would be greatly appreciated,
Thanks!