Updated 25 days ago on . Most recent reply
Found a property with assumable mortgage for potential STR
Hello. I found a 2 bed 1 bath with an assumable mortgage of 5%. The location is good, located within 10 minutes of a major city. The property was built in the 70's. I'm eyeing it as a potential STR play. The property will cash flow as an STR, but will lose $100-$200/month as an LTR, and I'm ok with that. My concern is that the property has been sitting on the market for 80 days. i live out of state, and I wonder why the property has not been snatched up already. Is there something wrong with the property that I'm not seeing? I like the fact that it has an assumable mortgage with low interest rate, and low downpayment ($16K). But I don't want to get suckered into this property just because it's a low downpayment with assumable mortgage. Should I be concerned that this property has been sitting for over 80 days? Should I move on to something else?