need help deciding on a property!! HELP!
Hey guys,
I am really having trouble deciding if I should move forward on this certain deal and wanted to reach out for some advice and guidance. So I live in Greenville S.C. and I am currently looking at a house in Spartanburg S.C. (about 30 mins away from where I live.) It is a great little house. Brick 2 bed 1 bath about 800 sqf. Pretty decent shape overall. No expensive fixes that we saw and is pretty much rent ready. I had a property manager from the area meet me at the house today to give me his best opinion on the area and what it would rent for. He said its not the best area in the world but not bad at all. He was pretty confident that the house would rent for between 650-700 a month. He also said the house probably wouldn't increase in value very much over the years just because of the area its in. I told him I was paying 32k for the property and he said thats prob about what its worth.
So what do you guys think? Do you ever purchase a property just for the cash flow even tho it might not increase in value? What about the fact that I would be buying it for pretty much what its worth and at the height of the market around here? Any help would be greatly appreciated. Thanks!