Newbie Buying First Property - Yes or No?!
There is a bank owned house that is at $110K. It will need about $35K to fix (new siding, plumbing, kitchen, all interior paint, misc. repairs). It will also have to get financed through a 203K loan which means the siding and plumbing will have to be bid out. The rest I am planning on doing myself. I am planning on living there for 2 years or so and then either A.) renting B.) selling. Comparable homes are at about $165 in the area.
Assuming an after remodel cost of $145K and a 4.2% loan rate, is this a good investment? Also, what would this need to rent at in order to cash flow?
Thank you so much for the help!