Any thoughts on this CT home?
Hi, I'm very new to this and just came across this home: was foreclosed and the bank took it back exactly a month ago, they just listed it.
Asking price $51,000 (2013 appraisal $93,400)
house was built 1930
5 bedrooms split into two units, I'm guessing a 3 bedroom unit and 2 bedroom unit.
looks like it needs floors in most rooms and a ceiling in one room. (possible water damage on that ceiling so makes me think roof repair or new roof is needed.
I don't know where to find out how much taxes will be?
rents I'd guess 750 for the two bedroom and 850 / 900 for 3 bedroom. it's a C / C+ area
so $1600 coming in - 50% rule means 800 to pay mortgage. mortgage calculators tell me it will be around $400 a month for the full $51,000. that leaves me with around $200 per unit cashflow.
now it obviously needs repairs Ive seen from pics but maybe more, I don't know how to guess that price so I'll just say $15,000 worth of repairs needed.
purchase price of $30,000 maybe $35,000 might make it worth it.
Any thoughts , guidance , help of any kind would be great. I have never bought a property before and have just been soaking up knowledge from bigger pockets.