Updated almost 6 years ago on . Most recent reply
Newbie looking for help analyzing a property
There is a 2 bed 1 bath house that looks to be a mobile home with additions. Not the best house but its in pretty good condition. It comes with a pretty big storage shed that depending on condition could be a real nice home office for my reselling business I am starting up.
The lot is huge at 4.01 acres and has a good amount of woods that I might be able to make money with.
It is listed for $79,900 and has been active for over 900 days. The owner bought it for $22000 and its appraised at $66,590.00 according to 2019 taxes on the auditor website.
I want to get into rental properties and having the land and being about 10 minutes out of town zillow would say it would rent around $800.
I'm looking to get an FHA loan with down payment assistance to finance the property and hopefully get a friend or family member to rent the other room while I live in it. Probably $400-$600 in rent.
Listed for over 900 days I was wondering how low would be to low to offer on the house? Could I start out at $55930 (70% of listing price)? Or should I offer around the appraisal value of $66,590.00?
My mortgage broker said a $90,000 loan would be $700-$850 a month so Im assuming I would be looking at $400-$600 a month depending on my offer.
Thanks in advance for any advice!