Is this turnkey property a good prospect?
Hi, I thought I would get the turnkey community's thoughts on this property I've been presented with:
- address: 4933 Fernbrook Dr, Memphis, TN
- purchase price: $91,900
- 4BD, 2BA
- single carport
- projected rent: $895
- financed with 20% down, plus closing costs, for around $22K out of pocket.
- estimated $550 PITI
- neighborhood crime rate: low
- quality of nearby public schools: poor
- comps seem to range from $42K - $80K
My initial thoughts are that I should pass on this, as it barely meets the 1% rule, is in an area with poor quality schools, and lower comps, and only shows a 9% ROI after maintenance and vacancy. But I wanted to see if anyone else has some thoughts?