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Ivan Poon
  • Accountant
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Is this a good deal on a rental property?

Ivan Poon
  • Accountant
Posted Mar 24 2010, 03:16

Hey guys,

I'm looking to buy a single family home in fairfield county in connecticut. It's about 50 minutes drive (assuming no traffic) to NYC so property values are pretty high around here.

There's a deal on a foreclosed home for 360K. The FMV is probably around 420K. Property is in pretty good shape, though i'll just have to replace a hole in the wall (in a closet) and replace a wooden door. Taxes are 5500 a year. I'm looking to put 20% down. I could probably get 2K monthly in rental income.

What do you guys think? Thanks!

edit: almost forgot, it's almost 1700 square feet and has a pool in the backyard, if that makes any difference.

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