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.
What do you use to analyze the property to see if is a good deal, a deal good enough to keep as a rental or to sell to a buy and hold investor?
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