Good evening BP.
This past week I've had a great time looking at a couple of properties as my first real estate investment. I'm just looking to ping the scenario off of some folks because I've been running the numbers for days and am driving myself nuts!
Here's the situation. I have 3 duplex units to choose from, all on the same street, all the same design/sq ft. Each of them is 2bd 1bath 750sq ft/ unit. There are two for 48K and one for 59k. The 2 for 48K need roof and interior work, I'm estimating 15K for rehab. the 59K needs new windows and interior work/updating. Comps in the area for is ~79K, rent averages between 590-650/unit. The area is located very close to a nice mall hospital, public park and medical school. I've been pre-approved for my lending already, and the bank is good with me financing renovations. Taxes for the unit are 2265/yr.
I spoke with some of the other renters in the area, and they all said they were happy with the location and never had any issues with break ins, or crime.
That all being said, I think that my nerves are just unsteady about keeping the home rented. I think that, so long as the house is rented, the numbers work out just fine. Being that this is my first rental, is that a normal feeling? What advice do you guys have to mitigate the risk?
As always I appreciate you guys.
I've read someone on BP suggest that you could put an ad on Craigslist for one of the properties, to rent, and see how much response you get.
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