Good deal? Not much equity but......
Hi y'all. I was wondering if this seems like a good deal.
It's a 3 bedroom 1 bath townhouse 1054 sq ft. Great shape, built in late 1970's. On sale for 59k. Probably could get it for 55k.
Currently renting for $800.00 a month. Hoa $35 a month .
It's worth about 60k so there wouldn't be a lot of instant equity however it would be a good cash flow property and basically turnkey. It could probably be about $450 a month profit after expenses.
Any thoughts or suggestions would be great, ie. mortgage terms, 30, 15, or less?
I figure I could pay it off very quick and then it would be mostly all profit very quickly.
Thanks.
Most Popular Reply
@Justin Pokrywka Numbers look good to me. I would go with a 25% down on an investment purchase. As far as the terms, that's dependent on you. What's your $450 based on, 30yrs?