I know exactly what prop this is. Taxes are currently $922 a year not homesteaded but that will go up when sold and revalued.
$1,300/month here seems overstated for the market as these are old and the area isn’t supporting rent like that. Kitchen is super dated as this was built in 1985 and it looks it.
I think you would be lucky to get $900 tops imo for rent just looking at surrounding listed rentals.
(based on history of listing it looks like this was renting around the $795 Range In 2016 just for comparison.)
Well if this price and rent are real, then it looks like a super good deal in JAX. I just have a hard time believing you can purchase a home that is ready to rent for $1300 in JAX at $86k. It just doesn't align with the market. Not even close. Are you sure this property isn't in need of a rehab?
@Larry F. Thank you so much for such an honest feed back , ye i just imput some of those numbers without researching the area properly , how do you personally calculate numbers more effectively ? And any tips on how to get HOA accure information and property taxes witout using the MLS ??
@Larry F. Thank you so much for such an honest feed back , ye i just imput some of those numbers without researching the area properly , how do you personally calculate numbers more effectively ? And any tips on how to get HOA accure information and property taxes witout using the MLS ??
HOA should be in the MLS listing.
Google: Duval county tax assessor for the taxes. I would put the url, but BP does not like it.
You can give me a call if you want insight into the Baymeadows area.
I know exactly what prop this is. Taxes are currently $922 a year not homesteaded but that will go up when sold and revalued.
$1,300/month here seems overstated for the market as these are old and the area isn’t supporting rent like that. Kitchen is super dated as this was built in 1985 and it looks it.
I think you would be lucky to get $900 tops imo for rent just looking at surrounding listed rentals.
(based on history of listing it looks like this was renting around the $795 Range In 2016 just for comparison.)
@Nelson Miranda -if the ARV is $86k, what's your reason for paying full market? One of my past mentors used to say, "You make your money when you buy". In other words, negotiate a good deal for the home at the beginning. Once you factor in the advice provided above, the numbers don't seem to work in your favor.
Definitely coming in a bit high at 1300/month for a home costing 86k. Reach out to a local realtor in Jacksonville to see exactly what you could get for rent on the place.
For an older place ( I would say anything built before 1968) take out a little more for repairs. I’d be around 8-9%. Best.
@Vincent Pollitto
Let’s just say his number were correct- I still don’t see how this would be a good deal unless your looking at long term (like after five years) because he’s putting $8600 down and with a total annually profit of only $2991 it would take roughly 3 years to actually “profit” off of this property unless of of course its appreciation had grown and he sold it year 5-ish for roughly 10-15k more than what he bought it for. I am new to analyzing deals so maybe there is something I forgot to factor or didn’t take into consideration so please correct me if I am wrong but from where I’m standing this looks like a bad deals if you’re trying to get your foot in the door with rental properties.