Is this property a good deal?

Question

I found this property in Phoenix, Arizona that has 4 bedrooms and 1 bathrooms. I ran the numbers on the deal, because I am a beginner and don't know much about real estate, is this a good deal, or is this a bad deal?

https://www.realtor.com/reales...

Anthony King · Answer

@Jose Lopez Lucky for you this is a terrible deal otherwise someone woulda swiped it from you now that we all have the address. Serious errors in your calculations too which make this terrible deal, when done correctly, extraordinarily terrible.

Tim Herman · Answer

@Jose Lopez How much is that doggy in the window? Serious errors running the calculator. Property tax won't be $56 per month for 350k property maybe $300 per month. Won't get a loan at less than 1%. At 3.5% loan your payment will be $1365

Deonte Brown · Answer

@Jose Lopez this deal is under contract and is expected to close soon. If you want to look at more deals let me know. We can set up some time to look at a few.

Bruce Woodruff · Answer

@Jose Lopez And that's why you asl questions on here before you run out and buy something. Slow down, no rush...house prices will readjust....well unless that pesky inflation thing kicks in for real....

Scott Anderson · Answer

My offer would be closer to $170k for that house if that's the expected rent.

Zach Wain · Answer

The monthly payments are way off.  You can look up property taxes on the Maricopa county assessor site, super fast and easy. Mortgage are unfortunately higher than 0.1%.  3.5%-4.5% is better guesstimate without knowing about your scenario or details

Jose Lopez · Answer

@Jose Lopez and also, what software should we use?

(I have Zoom and Google meet, you can choose either one)

Jose Lopez · Answer

@Deonte Brown Can we look at some deals on December 22 at 9:00 A.M?

Chad McMahan · Answer

My only question is, are the expenses VS income accurate? From my experience, using the BP proforma option is highly inaccurate (If you use their default data), unless you plug in accurate data. If this data is on point, then from a cash flow perspective, a 3 cap for a lower cost/basic SFH is pretty awful, even in a slow market.

Talk with your realtor about it. Especially if you are a beginner, don't reinvent the wheel, lean on your real estate pro to line you up with a truly great first buy.

Bud Gaffney · Answer

@Jose Lopez Bad deal

Is this property a good deal?

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