Few questions on investing
In my area, the typical investment does not exist. A $150,000 home will rent for 8-900 which doesn't work for typical investing.
However, in the town I lived in before moving here, there are many sf homes that rent out for far more than the mortgage would be. I'm more interested in buying and renting properties, since the opportunity for flipping here is slim.
Since I'm going to be investing for the first time, I want to go with lower priced homes. I am aware that theoretically, the tenants will be more time consuming. However, I viewed a 2/1 home that was renovated, new roof, flooring, paint, ac, etc for $26k that rents for $425 and is currently occupied.
My old town is only 90 miles away and I'd be up there at least twice a month and would have a property management company manage the properties. I know they aren't the best at keeping the property up, but again, the down payment would only be $3k.
So, I guess I'm asking if a $26,000 home that has been renovated and is rented for $425 a month with tenants in place is pretty much a no brainer.
Thanks for any and all advice.