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Updated over 8 years ago on . Most recent reply

User Stats

8
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2
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Chris Charlton
  • Cape Girardeau, MO
2
Votes |
8
Posts

Rental purchase question

Chris Charlton
  • Cape Girardeau, MO
Posted

Hi, I was hoping to get some feedback on a group of 15 sfh's I'm buying. They are low income, built 20 years ago using tax credits that have now expired. All 15 are exactly the same, they look like the habitat for humanity houses. I bought them for 27,000 a piece. They all have new roofs, are 3 bed 1 bath, vinyl siding, full unfinished basements, all have the same vinyl tile squares throughout. They're in good shape, they were inspected every 6 months. The area has crime, but I would walk there during the day. The rent is capped at 400 a month, but as tenants leave I can get 650 with hud per house. in 2019 I can raise all rents regardless, but won't do it all at once so as not to spike vacancy too high at one time. Taxes are 400 a piece. May I get some feedback from some of the members here on whether you think this was a decent buy, and whether anyone else has any experience with something like this?  I currently own 3 other homes that are used mainly for college rentals. 

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