Engineer 路 Pickerington, OH 路 Member since 2014 路 17 posts 路 3 votes
Would you do this deal?
Two Storey Single Family Home in a quiet neighborhood
Square Footage: 1244 sq/ft
2 Bedroom
1 Bath
Detached Garage
New Roof
New Central Air
No major repairs needed
Lancaster, Ohio 43130
ARV: $74,000
Asking Price: $74,000
Property Taxes: $1929/yr
Repairs: $0
Rent: Currently renting at $650 /Month... There is already a tenant and they pay all utilities, too.
I guess it was in the family for 57 years, the mother just passed away, and the two childeren want to unload all of the rentals. Also, what kind of offer price should I make?
Flipper/Rehabber 路 Spring Hill, FL 路 Member since 2014 路 234 posts 路 132 votes
12y
I'm just starting out, so consider that when reading my answer :)
I won't consider a house which I can't get 1-2% of the purchase price including cost of repairs per month. If I can't, I move on to analyze another house. You will need at least $740/month rent at the asking price. If all you can get is $650/ month then don鈥檛 pay over 65k. Hope that helps, others might have more insight. Good luck!
I have never been to Ohio so I don't really know what stuff rents for up their or what you can buy homes for.
I know that I just bought a quadruplex here in Jacksonville in a B class area for 100k and the rehab was 30k and I'm grossing 3200 a month, netting 2800... Of course this deal was like a unicorn but I still find them..