Is there such a thing? I live in a good area (central NC) with great economy, jobs, and so on. About 2 hours away I'm looking at a deal for $35-37K home that has been modified to have 2 units, back 1 BR, front 2 BR. The listing says long term renters are in place and rents total $600/mo.
The issue that gives me pause is the economy 2 hours away in this area is pretty terrible. If the renters went away, the pool of renters is *much* smaller and nothing in particular would bring folks to this town other than folks who are already there.
I would need to find a good manager in the area, and also I'd like to put just 20% down and mortgage the rest, but not sure if the banks will do such a small 30 year term....maybe a local bank or credit union?
Other thoughts? BTW first post, and I'm new to BP.
Welcome to BP stick around! Be sure to introduce yourself in the new member section. I have found that location is often more important than the property. If the location isn't ideal how hard will it be for you to find tenants on turnover, resell, and being that far away in a small town I would steer clear. You want a desirable location, in demand, and stability. I wouldn't count on appreciation or anything on this one. Pass.
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