Considering deal - baldwin county
I’m considering a deal on a property.
The deal would be for an equity play, which I know I should prioritize for cash flow.
Home 4/4 in A class golf community.
Current mls list $460k price
Days on market - 200+
Purchase $410,000
CMA -approx $460-490k.
loan - assumable $340k at 3% VA (I am eligible)
Tax - $138/mo
Ins - $153/mo
HOA- $100/mo
current approx rent rate for similar home $3400ish/mo
I have the capital to cover difference between loan assumption and closing. My thought is to rent my current home (mortgage free) @ $2000/mo and cover the mortgage with it, while using the new purchase as a primary for a couple of years.