Opportunity in the Newark area?
Has anyone looked into the Newark area? Seems like a decent area to invest in. Here's a house that just came on the market:
2FH, 2BR 2BATH in one unit, 2BR 1BATH in other unit
asking price: $89K
purchase price: $71,200
down payment: $14,240
closing: $2,136
repairs: $10,000
total OOP: $26,376
Monthly Cost
PITI: $837
vacancy: $250
maintenance: $250
capEx: $125
Total monthly cost: $1462
monthly rent: $2100
monthly cash flow: $638
CoC: 7656 / 26376 = 29%
Does this seem too good to be true? Is $10K a ridiculously low estimate? I haven't had a home inspection yet.