Updated almost 17 years ago on . Most recent reply
Purchased First Rental Property
About 2 months ago I have purchased my first rental property. It was a foreclosure, in pretty bad shape; needed a lot of work. It's a 800 sq ft ranch, no basement, 2 bedroom, 1 bath, 2 car garage. I paid $15K and with repairs it will get me to about $28K (new windows, furnace, AC, new bathroom, new paint, lights, carpet.
Taxes + insurance is $2,500/year and I have paid cash for the house. There is no mortgage or debt on it.
There are duplexes of the same size in the area that rent for $700/month. I am thinking that since mine is a house and also has a garage I can probably ask for $750-$800/month.
What do you think of this first deal from your experience?
Also, should I provide appliances? (refrigerator, stove, washer, dryer). Would this attract more potential tenants? :roll: The duplexes around me do not offer appliances.