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Real Estate Deal Analysis & Advice

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Carolina E.
  • Investor
  • NW Indiana
197
Votes |
833
Posts

Would this be a good Subject to and then rent to own?

Carolina E.
  • Investor
  • NW Indiana
Posted Aug 24 2014, 17:03

Hello BP!
I had a seller contact me about their property and not wanting it to go to foreclosure. They owe about 183K plus a few months of back payments, which is about 10K. Taxes are up to date, but we will see with the next installment.

It is a 4/2/1

ARV is about 230K (I need to get better comps, this is just a quick overview)

Property doesn't seem to need much work. (Have only seen pictures)

Mortgage payments are about 1600/month.

I found average rents from rentometer $2200. I think this is a bit high, found a similar house close by asking 1750/mo.

I am not sure what information I need to get or what the next steps should be, if this is even something I should look more into? Any advice is appreciated.

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