Updated about 5 years ago on . Most recent reply
Advice on a rental property
Purchase price $50k Turn key 3 bed 1 bath rental at $750 monthly on a month to month, the area averages 850 - 900 rental
These are the numbers I got
Rental income $750
Tax (Virginia) 1,111 Annually
Insurance $83
Vacancy $40
Repairs $100
Mort age (10k down on a 3% interest) $169
Total month expenses - $584
Cash flow - on the low end 750 $166
ROI
Down payment 10k
Closing $1,500
Rehab 15k
Investment $26500
Annual Cashflow 7.5%
Take note this is on about an acre of land and Iin the future would be able to reaise rent easily $100 or more
Should I pass this up or move forward?
Thank you all,
Brandon K