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Updated over 6 years ago on . Most recent reply

User Stats

25
Posts
11
Votes
Kingsley Ogwuegbu
  • Rental Property Investor
  • Cleveland, OH
11
Votes |
25
Posts

Help me analyze this deal

Kingsley Ogwuegbu
  • Rental Property Investor
  • Cleveland, OH
Posted

Hey Guys!

First time here and I am looking to purchase a single family house in Cleveland OH.

Asking price is $45,000

Area = 1742sq

Looking to put 20% down and amortize for 10-15 @ 5% or so

The house is currently renting for $1,100 a month and the tenants are looking to stay long term.

Rental Income = $1,100\month

Property taxes for this house was $1,168 last year.

Water and Sewer averages about $80-$100 a month combined.

Property insurance is about $800-$900 a year.

Let me know what you guys think.

Thanks!!

Most Popular Reply

User Stats

28,655
Posts
19,699
Votes
James Wise#4 All Forums Contributor
  • Real Estate Broker
  • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
19,699
Votes |
28,655
Posts
James Wise#4 All Forums Contributor
  • Real Estate Broker
  • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
Replied
Originally posted by @Kingsley Ogwuegbu:

Hey Guys!

First time here and I am looking to purchase a single family house in Cleveland OH.

Asking price is $45,000

Area = 1742sq

Looking to put 20% down and amortize for 10-15 @ 5% or so

The house is currently renting for $1,100 a month and the tenants are looking to stay long term.

Rental Income = $1,100\month

Property taxes for this house was $1,168 last year.

Water and Sewer averages about $80-$100 a month combined.

Property insurance is about $800-$900 a year.

Let me know what you guys think.

Thanks!!

The numbers themselves are amazing. If you are looking at these numbers in a vacuum you won't find better than $1,100/mo for a $45k investment. What is important is the location. Is that $1,100 going to be consistent. Is $45k truly an accurate value. What level of risk is involved in this investment. Have you worked in higher risk areas before as I assume the risk level here to be moderate to high.

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