First-Time Landlords: Good Deal or No?
My husband and I found a 2 bedroom 1 bath home for $21,900 for sale by owner. The current tenant has lived there for 6 years and is never late on rent. Rent per month is $350, which is really low, in my opinion. It’s a smaller sized town. A new roof was installed a few months ago. We are just starting out in real estate dealings.
Pros:
Quiet area/side street.
It has a window unit, so hvac would never be a foreseeable cost.
Cons:
House is run-down, but my husband is a handy man and can fix anything for relatively cheap.
Also, it would take 5-6 years to get our money back, and that’s without considering repairs.
Please give me your insight!