Assume Mortgage, Rehab, and Rent
BP First Post.
I'm looking into my first investment. The mortgage would be assumed from my parents. Currently they have a $1500 mortgage. SFH 4 Bed 3 Bath.
The property can rent for $2400.
I would need to rehab the property for 15K-20K. Closer to 15K, but I always plan for snags.
Utilities would be handled by tenant.
Capex would be budgeted for 150/Mo. I'm not sure if this is high or low considering I plan on fixing anything old with the rehab.
Taxes/insurance 100$ a month.
Interesting situation because I don't need put any money down on the mortgage, it just gets assumed to me. I really just need to make the property rent-able and keep my rehab costs down to see a large CoC.
Being new at this, I'm sure I'm missing some considerations. Any opinions.