Updated over 3 years ago on . Most recent reply
Is this deal a lemon - waterfront vacation rental
JUST gone under contract at 172 River Terrace Drive, Talladega, AL. Its 2 units waterfront with a steep gradient to the lake. You can see the listing as for sale on zillow. Unit 1 is 2bed (+ bunk room) 2bath (fully furnished), unit 2 is 2 bed 1 bath (partially furnished). move in ready. I'm in at 342,000... 25% down, at 6.5% (I have great credit but foreigners just pay higher) any experts in the area know if this is a deal, or a lemon? Opinions welcome. Comps of similar house and land size and number of rooms in the last 12 months are above 500k, but most of them have flat lots and aren't modular homes (this one is)
mortgage - 1621
Taxes - under 500 (for now)
insurance - under 2000
Cash down - 85.5k plus about 20k closing costs and furnishing
added context, I am an out of country investor. Goal is to occupy it one to two months a year and VRBO/Airbnb it the rest of the time.