Looking at Properties For the First Time

5 Replies

So I'm looking at a property and it's currently listed for 115,000 and it looks to be a good deal because there are two 2 bedrooms and 2 one bedrooms and it's pretty much rent ready besides one of the units which just needs flooring. the tax assessment the last few years is only showing 20k so I'm a little worried and not sure what this means. any tips?

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What are all the numbers on the property? Expenses and etc ?

for rental?

how much would it rent? if ohio is anything like michigan, a 2/2 rents for $800.

paying $115k for $800 is a terrible deal. terrible.

@Christian Tallet is the 20k the SEV? From what I've gathered the State equalized value is right around half of what the property was bought for. So whoever is selling it bought it for around 40k?!?

I could be wrong on that and someone else will chime in.

But in any case, as soon as you buy it the SEV will change in regards to what you purchase it for/or what it's worth (I'm not exactly sure) and intern will raise the property taxes on the property

@George P. It sounds like it's a 4 unit property, hopefully getting more than 800$/month.

Originally posted by @Michael Maloney Jr. :

George P. It sounds like it's a 4 unit property, hopefully getting more than 800$/month.

 oh, i misread it. i thought it was 2/2

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