First investment property - Royal Oak, MI
Hi, I am new to REI and to BP. I would like to share my recent (and ongoing) purchase and get feedback from others who are experienced on here. I plan to use this as a rental income property.
The property I decided on was listed for $69,900, a little over 600sqft, and needed no major repairs after home inspection.
The rental market in the area appears to be large. Comparable units were renting for $950 that were within a half-mile radius over the past year.
I was able to get the property for $63,000, with 15% down and 5.25% interest rate.
Looking at the unit I see several positives and negatives. This is a loft style unit, which I believe makes the place feel much larger due to the layout. On the other hand, it doesn't technically have a separate room which isn't preferable to some renters. I do think the candidates for this style place will be single professionals, hopefully keeping the potential tenants as "good" tenants. Because it probably won't be shared by two people, I believe the tenant to be better due to having a decent salary to afford this alone. Long term, I feel it may be more difficult to sell a loft as opposed to a typical property with separate rooms, etc.
I am new to this and did about 3-4 weeks hard research and looking at many places with my realtor, looking at comps, surrounding areas, etc. I figured it was time to just do it and give it a try and the learning experience would be worth it either way.
I am just looking for any feedback on this situation, good or bad, things I didn't see, etc. Thanks for reading and I hope to hear some feedback soon!
-Will