Real Estate Agent · New Orleans, LA · Member since 2015 · 6 posts · 2 votes
About to buy a single family house in the 36605 area in Mobile. It's a 3 bedroom/1 bathroom. The prices are cheap over there, under $30k. There is one where the tenant is already living there. He is paying $550/month but it seems like the market rate rent is between $700-$750/month. Does that sound accurate? Neighborhood is off of Michigan, seems decent.
Area seems a bit rough. High crime rates and low rated schools. Do you know if the current tenant is on a month to month lease and if the current owner has a way to show a history of timely payments. The numbers look good, but I would expect a house at that price in that area to come with some housing and tenant issues. You may have lucked out and found a gem though.
I have 2 properties in that zip code. Not that bad south of I-10 but can be pretty rough on the north side. There are two very large housing projects on Michigan that are issues. Good luck! Hope it works out.