5 BR 1 BA SFH - $160k
If I was looking at a house to use as a rental property with the above specs what costs would I need to factor in? It was mentioned to me that to qualify for a mortgage for a non-owner occupied property you would need to have 2 years of prior landlord experience. Is this true, or could that be bypassed? Would it be possible to add a 2nd bathroom to make the property more attractive? It is located near a sort of busy street.
Here is the property -
http://www.zillow.com/homedetails/1723-Olive-St-W-...
The only reason I am looking at this property is I know the seller and feel like I could get a better deal than advertised. I am just wondering if it would be profitable and what upgrades could be done to make it more attractive. Could this property be flipped or is there not enough wiggle room in the asking price of 160k.
Any comments would be greatly appreciated!