What Type of Deals Do Landlords Prefer?

[Porscha Jackson]

I've landed my first contract. From my understanding this property would do best as. a buy & hold based upon the area, market etc, but I'm not 100% confident on the numbers. Take a look and let me know what you think about this from a landlord/investor's perspective. How do you feel about the numbers.

The roof- about 12 years old Hvac- about 8 years old

Laminate floors (living room)- about 3 years old

There is a 14K mortgage loan that the owners will pay off with their cash offer.

This is a C neighborhood, with several renters in the area. This area is beginning to “transition” with flipped homes selling between $130-200K in the 28031 zip code.

Within the last 120 days, homes within 1/4 miles of the 2212 Roosevelt Rd have sold for CASH between the $34K-$55K price point.

Asking: 37.5K or best offer

ARV: 600-777 monthly Rehab: 10K Tenant Occupied: Lease ends 8/2021

Tenant Rent: $400 Paying Tenant: Payment history available Lease Agreement: Available Updated

Laminate Floors: about 3years old HVAC: about 8 years old Roof: about 10 years old

Kitchen needs to be updated. Bathroom needs to be updated. No Flood zone. Recently painted interior walls. No tax liens

• Zoning: SF6
• Zoning description: Single Family Res 6

• Foundation: Crawl/Raised
• Roof: Composition

What do you think about this deal?

[Porscha Jackson]

Originally posted by @Nathan Gesner:

This looks like a 1% deal if your numbers are correct, and it sounds like a lot of upside if the ARV is correct. I have to question the ARV if there are multiple homes selling in the area for around $50k.

But you know the situation better than I do. If your numbers are accurate, it looks like a good deal.

 Hey Nathan,

Thank you for the feedback. The ARV I used was meant to show the new rent price once rehab was done on the place. I'll rephrase that part from here in out. It's a solid deal, but I feel it's sort of a niche buyer that'll want this deal since it's currently occupied. If you know of anyone tell them, I'm open to negotiate.