Is this an OK first deal?
I found a house in the Youngstown, OH area - one of the better parts of town for $9k. The home needs about $10k in work and the comps in the neighborhood range from $33,300 to $64,900.
If I pay cash for the home and use my credit cards to purchase materials and do the work myself, I figure I can make it rentable for about $6k and spend my two weeks vacation doing the work.
Rents in the area are around $500 per month and the property taxes are about $380 per year.
My plan would be to buy and hold.
Any advice please?