Updated over 7 years ago on . Most recent reply
Should I buy it or keep looking?
What would you guys do? I have an option of buying a rehabbed SFH 3br, 1 bath for $175,000. It is in a class B neighborhood and all the repairs are done on it. Comps are from 185-210. Just needs a power wash on the siding and some new plants out front. Hers is my question: I already have a renter for it. One of my drivers wants it . The rent is $1500 month and I would cash flow $354 monthly. He would sign a lease just like everyone else.
Every one i take to show them what they think of the house, they say the house needs work, which it doesn't, just cosmetic on the outside.
My theory is I can get the house rented asap and have a positive cash flow right away. I know the guy can afford it because he is paying the same price now in a worse location, plus he gets a monthly pension from the military which easily covers his rent.
What would you guys do? buy it , have an instant renter, positive cash flow right away or keep shopping around for a higher price house in a better area with a little higher rent and do the tenant screening stuff, etc ?