I've been offered a deal on a property that's selling 15k under the market value due to the owner going through some problems with their family and needs to get out of the house. The house is located about 25 minutes south of the main city of Chandler,AZ. There's a lot of commerical buildings being built in the area along with expanding more with the college in town as well. There's a big market for cash buyers in the area who fly from up north (snow birds) who love to spend their money on real estate when they arrive in the winter. Any suggestions to what I should do about this property? Or what other indicators should I check? Also the house is coming with appliances and fixtures. Thank you for taking the time to read this.
I'm a bit north of you in Scottsdale. Sounds like you need to decide what your longer term game plan might be. Do you want to hold it long term and rent it out for cash flow? Does it need some work so you could re-hab it and sell it? If you plan to rent it, you should check area rental rates (www.rentrange.com can help with that) to see if the numbers are there. Good luck with whatever you decide.
@Bruce Edlund is right, Rent Range is a good start for rent figures for an area. Have you had someone run the comparable sales and rents for you to see if it is a good deal and fits what you are looking to do?
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