Updated over 9 years ago on . Most recent reply
How does this deal look?
3bd 1 1/2 bath, 1,600 square foot.
REO with asking price of $56,000
I want to offer $42,000 on the property. It is in a good location and would make a great rental.
Rent $750
Taxes $65
Insurance $60
Repairs 5% = $38
Vacancy 10%=$75
CapEx $100
Monthly expenses = $336
Mortgage for 10 year loan at 6% interest rate, with 10% down $444.08 for a grand total of $780.08. I have used pretty conservative numbers. It doesn't seem to work on paper, have I missed anything?