Realtor · Carolina Beach, NC · Member since 2018 · 35 posts · 17 votes
I'm looking at house that is recently foreclosed, estimated at 50k. The house needs some repairs that we are estimating at 3-5k. The expenses are at $393 and similar houses are being rented in the area at $775-800. Cash flow is $381/mth and $4,581/yr. CoCROI is at 29.95%. The house is in a B class neighborhood right across the street from a nice highschool. This is also a military town so it is a big rental market.
What do y'all think of this deal and do you think I should take it?
Sounds like a good deal. Just make sure you have the repair costs and the monthly expenses figured as best you can. It's difficult to estimate repairs especially when you first get started. But overall it seems like a good property to get your feet wet. Good Luck!