Potential (1st) Wholesale Deal! - Rental

[Mark Moore]

Sent out letters via @Michael Quarles / Yellow letters. Got a decent response and have been funneling the leads down to find the nuggets since.  

One that has me very hopeful in particular is a 3/1 rental...

Figures:

1. Acquisition price: owner wants 60k but seems flexible. 

2. Monthly rent: $875, long term tenant in place that doesn't want to leave. 

3. Repairs needed: None. Owner put new roof, kitchen, bathroom and landscaped a couple years ago. Have not been in house yet, only driven by and it looks very solid. 

4. Cap Rate Details: 10,800 yearly net income-770 tax- 350 maintenance- 700 management- 650 insurance.. or $8330 income after all expenses= 17% - 15.15 Cap rate. 

Is this a no-brainer or am I missing a crucial piece of the puzzle? I'd be adding a short diligence period to the offer to allow an internal inspection. 

Thanks! 

[Rick Baggenstoss]

@Mark Moore Well Done!  Your future is bright.