Updated about 6 hours ago on . Most recent reply
Take the deal or get out?
I found an out of state investment property (I live in DC) in Powder Springs, GA. While I lived 20 years in GA, I’m not as familiar with the powder springs area but between my realtor and some research on my own, the numbers show this property has a small positive cash flow, even with hiring a property manager. Negotiated to $180k from $195k. Got the inspections in and am admittedly shocked by all the issues. A lot of them (65) labeled as marginal issues and 2 labeled as significant issue, one is the roof. The roof was supposed replaced last year but inspection came with gaps, no active leaks and potential past moisture damage (water marks in the attic). I hired a separate roofer to do a separate inspection and he believes it has about 3 to 5 years of life. This differs from the handyman my realtor know, who quoted 7-10 years. Not sure who to believe at this point. The roofer quoted $800 to patch it up now and make minor updates to keep the life of the roof but $7k to replace the whole thing 3 years down the line if I choose. Would you take this deal?