Updated over 6 years ago on . Most recent reply
Looking for Newbie Rental Property Input
I'm looking at a 3 bed/3 bath listed at 120k in a booming town for a potential fix and rent. There's a somewhat smaller 3/1 comp around the corner listed for rent at 1795/mo, so I'm confident I could get a 1800/mo rental rate if not higher. Used what I thought were pretty conservative estimates and still showed a 300/mo cash flow. Am I missing something big, or is this the deal it looks to be?
The property is in pretty poor shape, but looks to be all cosmetic, and just finished gutting my house so I am comfortable with the renovation and cost estimates.
I live in the same town, so I am very familiar with the area, and it is really up and coming. Had my realtor estimate my property value after 1 year there, and he estimated a 10% increase in just one year!
Having trouble attaching images, so here's what the calculator spat out. https://imgur.com/a/LDdeciL