Updated almost 12 years ago on . Most recent reply
What am I missing? Buying my first rental property.
I have found what I think is a pretty good property. It's in the suburbs - two buildings (next to each other) with 4 rentals in total.
Long-term tenants with total rent = $3050/month
Asking Price: $272,000 (I can definitely get it down to $246,000)
Taxes: $2300/year
Location: The city is OK. Not very good but ok. But the town next to it is very good. Mostly doctors and lawyers. This property is 100 feet from this town. And the property is surrounded by decent properties.
Tenants: Not a problem. Very easy. Lots to choose from.
Appreciation: Probably very little (property has been on the market almost 3 months)
What things should I be concerned with? it's 6.7x the rent roll. Which compared to NYC is very attractive for me.
I'll check the boiler, roof, making sure current tenants are paying on time,...
what are your thoughts? what else should I be looking for?