Joplin, MO Rental Shortage
OK--So I am new, and hope I do not come across as stupid for asking this. The greater Joplin area has a shortage of rental homes--specifically for the 4+ bedroom range. So, I started looking around to see if there were any that the math seemed to work out.
I did find a home that needs $30K worth of repairs, ARV $100K and would rent for $1050/month. Plus, the all in would leave quite a bit of equity, if I calculated the comps correctly. (All in investment for Landlord would be: $69K) (Again, newbie--so I am learning.)
What am I missing? Is this a good deal?