Flip or Refi & Rent this?
Would be curious to hear opinions on this. We are nearly finished with a reno on a SFH in West Michigan. It was meant to be our first BRRR property (we usually just do buy and hold) but now we are undecided. Would you flip or refi and rent this (and why)?
purchase price: 115k
rehab: 25k
ARV: ~185k
market rent: ~1,550
Flip should generate ~$40k net, rental cash flow would be ~4,200/yr
In other words, would you rather have 44k immediate return or a leveraged asset returning 350/month (+principal pay-down, appreciation, and cash at 75% LTV)
