1940 Rental for 220K SFH
Hi all -
I currently reside in Atlanta and have invested in one out of town rental property in Cincinnati. I bought it from an uncle in early 2016 for 104K and it rents presently for 1275/month (the rents are undervalued but I have a resourceful tenant who does a lot of property repairs an upkeep on the property without charging me).
The time has come for us to purchase our second rental. My request was to stay in SFH category because I am an out of town investor and would like to keep management costs, turnover, etc. to an easier level.
He is offering a 3br 2ba SFH for 220K that rents for $1940. Its had a stable tenant in house for around 4 years. Any help on deal analysis, and whether this would be a profitable venture would be very helpful to me.