Need guidance on 1st rental property near UAH Campus
Hi!
I have an opportunity to purchase a single family home, 4 bedrooms/2 bath home within 3 minutes of UAH campus in Huntsville, AL. It would be for my daughter who is a student-athlete at UAH and 3 other roommates. This would be my family, 1st rental property. We live approximately 2 hours away in Franklin, TN. We are looking to save some money on residence hall expenses over the next several years and keep the home as rental after my daughter graduates.
I am a pro member and have analyzed this property several times with the Rental Property calculator. It could cash flow right under $100, taking all expenses in account and saving for vacancy, maintenance, capex and paying for PM, not ideal metrics. The homeowner is a firm on a sell price of 104K on a home that has not been renovated at all and is about 10K more than other homes that have sold around it in the last 6 months or longer. My question is for anyone that is familiar with Huntsville market near UAH campus, is should I take the sell price and consider the other wealth generators(Appreciation, Tax Savings and Loan Pay Down). Any advice would very much appreciate, I need to make a decision fairly soon.
Thanks,
Greg