Nice House, Iffy Neighborhood Greenville SC
Hello all,
I'm faced with a difficult decision regarding a property and I would love any and all feedback, suggestions, etc.
My Father In-Law recently passed away just 18 months after buying a newly rehabbed 1,000 sq ft 3 bed 1 bath home in Greenville. He put little money down so there isn't enough equity to attempt to sell it. My options appear to be: Assume the mortgage and use it as a rental or simply let the bank take it.
Property is valued at $54K and monthly costs total $505.00. Research shows it should rent for $750 easy.
The house is in GREAT shape. New siding, windows and roof. Inside has new kitchen, new pergo floors, new carpet, new HVAC, etc. it's easily the nicest property on the street.
The problem though is the street / neighborhood. I'm told there is a fair amount of drug activity in the area and Greenville in general has a fairly high crime rate. Add in the fact that I live in MD 8 hours away and would need to use a property management company to make this work.
I have been a landlord before (owner occupied three decker) and have flipped three houses so I do have an idea of what I'm getting into.
So the $54,000 question. Do I assume the mortgage, rent it and hopefully after amortizating the mortgage at a 10 year pay off, walk away in 10 years with $60K or is the neighborhood just too risky to invest in?
Thanks again for all the help!