50,000 in equity on a 80,000 home. Great deal?
Hello all, super realistic yet super motivated future investor here. I recently found a house for sale not on the market. The home sold 2 years ago for 83,000 and is now being listed for 33,000. The home is a 3 br with 1 bath on a half acre lot. Very nice with no need for repairs of fixing up. It has had hardwood floors installed since the purchase. I know bc my brother is the one who previously owned the home. Rent in the area is not the best with the average at about 750.00 to 800.00 with a home this size. I calculate 150 to 173.00 monthly cash flow. That is very conservative and after all cost including vacancy of 5%. This home is worth every bit of 83000. With the 50k in equity, I think this is an awesome deal but I am also shy on the down payment bc of my low income in law enforcement. Am I right to think this is a great deal on this single family property?