Also the area has seen a population growth of 163.98 percent since 2000
Hey Kyle, what part of Georgia are you in if you don’t mind me asking?
It’s Columbus near Benning
You need to actually look at the property and it’s condition. And is it actually for sale at that price it in an auction site.....many of these services are inaccurate.
$1,200 rent from a property worth $170-225k+ does not make a great rental.
It sounds like this may be a better flip opportunity assuming there is that much equity potential.
I am also stationed at Benning. Nice to see somebody local! Maybe I’ll see you around and we can swap contacts.
One thing to keep in mind when running the numbers is vacancy and repairs. I do minor repairs and clean ups for property managers in my area and the bill can add up fast. For example a tenant moves in and your doing great cash flowing $300 a month for the year lease making a total of $3600. Sounds great right just a couple things happened. He let the grass grow to high, his dogs chewed the baseboards and dug in the yard, He put a whole in the garage drywall with a barbell, and the fence is busted in multiple places. That is an easy $1200 leaving $2400. Now the house sits for three months and now Im covering the mortgage (at 143,000 for a VA mortgage your propably sitting $800 with taxes) which equates to $2400 leaving me with zero profit. Now yes you get appreciation (hopefully) however those repairs and times on market are average and don't include big items that have a life span like roofs and hvac. Sorry for the long response but the point is it doesn't take much to put you in a losing situation.
Dunn Property Acquisitions & Renovations
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