Is this a good deal #2?
Ok, so thanks to Bigger Pockets I was able to properly analyze my last potential deal and walk away from it and very glad and grateful for all the advice I was given. I am back and hoping to get some more advice on another potential deal.
This property is in a class C area. The community has an HOA, although it doesn't look very involved in the neighborhood. The neighboring homes are kept up, not a war zone, but I wouldn't feel comfortable going to the house alone to do any maintenance, etc. I would send my husband =)
Asking price: $94,900. Offered 90K, counter offered by the seller at 93K, we countered at 92K and they accepted. It's move in ready, needs maybe about $1,000 cosmetic changes if we decided to do that. The rent in the area is around $950. So after mortgage ($400), taxes ($122), ins ($40), HOA ($22), the profit is $366 not counting vacancy/repairs.
I have analyzed so many deals and looked at around 60 homes in the last 2 months and it seems that in central florida, at least, the good deals are going to cash buyers as my other offers weren't accepted even after offering $10 above asking price. Perhaps due to conventional loans and too much repair on the house, etc.
Should I keep looking or does this seem like a decent deal?
Thank you in advance for your advice/thoughts!