Rental Property Analsysis help, first purchase

[Kolby Wright]

I am looking to buy my first rental property and would appreciate any advice or opinions on this potential deal. The house sits on 1 acre and is a 3 bed/1 bath in a quiet and safe neighborhood just outside my hometown. Owner said it stays rented and that he got $450/month. The interior looks a bit outdated so I’d like to do a few minor cosmetic repairs. Flooring, bathroom, paint, etc. I figure after a face lift I could potentially rent for $500-550. I’ll leave some pictures below and would love to hear what you guys think. Any questions, feel free to ask! Thanks

Asking price: $30,000

Past Rent: $450

[Cassi Justiz]

Hey @Kolby Wright, 

I would be cautious about this house. If you can get an inspection that will help. It looks like an older house so here are a few things that you'll need to make sure are in working order. Roof (it looks like it's in rough shape), Plumbing, electrical, foundation, septic/well *if it's rural you'll want to find out if it's on city water and/or sewer or if it's well/septic.

It could be a good purchase. But I would just make sure you proceed with caution and know what you are getting yourself into. These little old houses can be full of surprises and not all of them are good. Make sure you get an inspection before you move forward.