I bought this with the intention of turning it into a rental. I had my offer in the first or second day it was on the market, full offer, no financing contingency. It should have probably sold for way more then asking, but I got a strong offer in and accepted fast before anyone else could move it seems.
Honestly, I don't know the rental market that well out there, but knew it was a good deal at $185k, with two nice houses on it, really nice lot with views and great landscaping, separate driveways and entrances to the 2 houses (but one lot no potential to split).
I'm thinking I can get something like $2300-$2500 per month, for the two houses combined, but that's a definite guess.....I really don't know the market that well.
At that rent, it's a good buy at $185k.
But I just got an offer for $220k....and think I might be able to work that to $230k....with no realtors commissions. At that sale price, I'm thinking it might make a better flip....
Any guesses on what market rent might be? I can't find many/any reference points.
Opinions on buy-and-hold vs. flip on this one?
You can check www.rentometer.com for a general idea. Also check craigslist, but if there are few properties that compare, you might try just calling a property management company in the area. I have done that before, and they were very helpful.
Rentometer and craigslist have so few listings, it's hard to get any kind of a feel. I've also yet to find a property management company that knows the area well. It's pretty rural.
Perhaps run a tester ad on Craigs. Your realtor should have an idea of rents too. If it is not getting the response you need then flipperoo. The population age range is some of the oldest I have ever seen. I imagine there are mostly retirees around but that could mean long term stable renters in area.
congrats on your purchase and way to jump in fast to gain an asset. It depends on your situation as to what you want. I always look at need first then want. If this was my "first one" I'd take the quick money and place it towards the next one. If my bank account was more like Brandon Turners then I'd hold for awhile and let appreciation and cash flow do its magic. From the info you've provided, it sounds like you've got some choices which is always a good thing in real estate. Good luck
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