Is this a good deal?
Hello,
As a brand new real estate investor, I am about to do my first deal. I am a little apprehensive so i just want to bounce it off those who are more seasoned to see your thoughts. I'm dealing directly with the seller who needs to sell as a result of personal health problems. This is a condo that currently has a tenant and is in a location where there will always be an abundance of tenants. This is an investment property. I am purchasing it for $77k and I have a private funding source that will lend me the entire $77k at 6 points for 15 years at a payment of $877.25 per month. The tenant is paying $1025 per month in rent but I still have to pay the monthly condo fee of $250 and $2500 per year for taxes. I may not totally break even and have to pay a little per month but according to the seller, this property was valued at $115k 3 years ago. Is this a good deal?
Any feedback would be greatly appreciated. Thank you!
Christian