Now if the numbers worked, would you pursue a house VERY different from all those in the neighborhood? It would probably resell as the cheapest smallest house in town, and the layout is kind of bizarre due to it having been made disabled accessible. I would have to alter the layout some. My numbers look like this:
I'd like to offer 35k. The deal is little, but the numbers work, and at that price I can just buy and rehab cash. BUT its a really small house - 800 sq ft -2/2. The other houses are all much larger with prices at 200 - 250 plus.
The house is an anomaly for the neighborhood. Am I looking at a big no-no?
I do a lot of deals in this price range. If the numbers work, great! The fact that you can do it with your own cash is a major plus. Not using a HML greatly reduces your risk. Even in a slow market a cheap house will usually sell. Go for it!