Updated almost 12 years ago on . Most recent reply
Bad, Good or Great Deal?
Hi BP,
I will be submitting an offer to purchase my 7th property soon.
I'd appreciate it if some of you could give me your opinions as to if it's bad, good or a great deal.
It's a 2 bedroom 1 bath, 1100 square feet, 1 story, single family house. In addition, it's a Freddie Mac foreclosure. Built year is 1945 (approx), vinyl exterior.
Purchase price $23,250
Closing Cost $2000
Financing is 70% LTV @ 5.25% fixed for 5 years, amortized over 20 years (portfolio lender)
Repair Required $5000
Monthly rent $550 a month
Property Taxes $910
Property Management 10%
Annual Capital Reserve $1000
Annual Repair & Maintenance $800
All utilities will be paid by tenant.n
Thank you.