Rental Property in Savannah , Georgia through Roofstock

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Rental Property in Savannah , Georgia through Roofstock

Samarth Shah
Suwanee, GA · Member since 2017 · 6 posts · 0 votes

Hi there, 

I am in the process to buy my first Real Estate Rental Investment Property in Savannah, GA through Roofstock and can't belive I am finally posting on Bigger Pockets. I was waiting to find the property that runs my number and potentially generating cash flow for me which I think I found it but again I am a newbie so was looking for some insight and guidance that can help me to ensure I am considering all the factors. Below , is the details of the property and numbers I am looking for.

Property Type - Single Family House , 3 bed 1 bath (800 sq feet) Built in 1960 close to Savannah downtown.

Sale Price - $62000 (Zillow estimate is $54k, but again based on appraisal I shall negotiate if it comes under the sale price 

Neighborhood - Class C (According to Roofstock rating). The zipcode 31405 overall rating on niche.com is B-.

Rental - $950/mo (currently rented)

Down payment - 25% and Interest rate is %5.5 , Excluding (P&I, Taxes, Home Insurance, Vacancy Factor, Property Manager Fees, Reserve Repairs ) I see $180-$200 Cash Flow Income .

Based on the inspection report there are some immediate repairs ($1200) , the seller is replacing HVAC and the roof is 10 years old . (Seller rehabbed the place and he bought in foreclosure . The seller company is HomeVestor which is essentially Real Estate Company.

I live in Atlanta , GA and I have some insight on Savannah Market but , again this is my first time experience and wanted to make sure I am not being just excited but also trying to be careful. Appreciate all the comments and feedback in advance!

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  • Ali Boone
    Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
    7y

    Do you know much about that property's exact location? That price and that price-to-rent ratio seems suspicious for any property these days, much less one in turnkey condition, and much less for one in Savannah which has never really been a market known to cash flow. 

    I'm from Atlanta too and went to school at Georgia Southern for a couple of years, so no stranger to Savannah. But as much as I love that town, it's not really one to produce cash-flowing investment options in my experience. And there's also some really rough parts of the town... my suspicion is that property must be in one of them?

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  • Cindy Harney
    Real Estate Agent · Savannah, GA · Member since 2019 · 29 posts · 15 votes
    7y

    Just joined Bigger Pockets and thought I'd help out (I'm a realtor in the area). This zip code is a huge area and has a potential to be a good location, but there are also some less than desirable parts. I tend to go on google maps street view and 'ride down' the streets surrounding a property to check out the neighborhood. If there's a lot of loitering, unkempt yards, broken down or old cars in the street view, I just look somewhere else. 

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