Making the numbers work
BP nation,
In my market, turnkey (rent-ready) homes are going for $140K - $150K and renting for around $1 per sf. Now - you can get a distressed property for $110K - $120K, but by the time you fix the foundation and give it the TLC it needs, you're close to the same numbers. Am I aiming too high? Is rent at a rate of 1% of purchase price too low to invest? Originally I had a criteria of paying around $80-100K (all-in) and getting rents of $1300-1500, but I'm having a hard time finding those deals in what is a sellers market.
Any and all advice welcome.
-Lance