Updated about 5 years ago on . Most recent reply
Is this a good investment?
I have an opportunity to buy a rental property and need advice.
Asking price is $63k.
1. Current renters in place paying $700/month and will stay. (i believe this is under market as
2. I live on the same street and was advised by local property management companies I can reasonably get $800-850 for mine which is the same size & layout as the other one).
3. Its for sale by owner. I've never purchased from an owner and not sure what to look out for. I haven't bought any real estate in several years.
Would this be a good investment? I can pay the 20% down but not sure exactly how much mortgage would be but estimated on a 4.5% interest would be around $320.