Is this a good buy?

[Matt Batson]

I'm getting out of the rental business with my one sole rental house :cool:
We've had enough with dealing with tenants and just dont need the headache anymore. Plus we moved to florida, and dont like dealing with something we cannot see.
I want to know if this is an attractive price for our property.
It is located just outside Charlotte NC and is a 3/1, 1000 sq ft home that currently has a section 8 renter in it paying 575/mo.
I paid 38K for it 5 years ago, and my mortage with insurance/taxes total is 400 bucks.
The house was built in the fifties, but maintenance has not been an issue, aside from tenants flushing diapers down the toilet :roll:
I have it for sell for 45, but we will take what we paid for it at 38. Thought I'd give us some bargaining room.
Everything meets section 8 inspection, which is pretty stringent in this area. House is really in great shape. We have put way more money into this house than we will ever make back...(well, maybe in ten years :oops: )
Brand new carpet, brand new double pane low E windows, doors, etc..Most of the wiring and plumbing is even new.

Is this a great deal for a real estate investor? Do the numbers add up favorably for a wise investor?

[Will Barnard]

Based on YOUR purchase price of $38k, your PITI is $400 monthly. Now add in a vacancy factor, repairs/maintenance, property management, and you end up with no cash flow. Sell it to another investor for even more and they have negative cash flow.

Most likely will not get any action from an investor on this one. Perhaps you could get rid of tenant and retail it for $45 or so and cash out.