Looking at my first "deal"! Questions I am missing
Hello all!! I am new to the Real Estate investing thing and was looking for any thoughts on a deal that I found.
The property is a corner lot in a "development zone" that has three units on it. It has TWO 3br/2ba mobile homes that had a "complete renovation at purchase" currently renting for $800/mo each. Also has a 2br/1ba single-family home that currently rents for $650/mo. New Metal roof, New stove. All utilities are being paid by the tenants. Insurance is currently $1492.78/yr. Taxes $568.62/yr. It is currently listed for 130K. All units are currently rented out with the mobile homes contracts up in December and the house contract up in July.
When I run the numbers, it seems too good to be true. The response from the selling agent about the status of the price is that the seller just wants to get the property sold. It looks like any single unit will cover the mortgage of the property which reduces my risk of vacancy. Is there something that I am missing? I am waiting to get to the property for a showing to see the true condition of the units. Especially the mobile homes. When talking to my agent, he thinks I just stumbled upon a good deal.
This is my first post on here and was looking to see if there are any thoughts that you all would have. What questions am I not asking? I appreciate any time you all are able to put towards a response.