Newbie trying to analyse deal... Seems to good to be true lol
Asking: $29,900. 3 bed 1 bath. Currently rented out for $750, tenants willing to stay. Home was built in 1943, so it will need repairs. Having a bit of trouble finding comps in the area (small town). Located directly downtown in a C neighborhood.
Description states home has had "some electrical updates" and new roofing 2 years ago.
The things that are holding me back are that it is hard to find contractors in this area. But even if I left it as is, current tenants are ok. Honestly, if I were to put $ into it (paint, floors, kitchen and bathroom reno) I would want the current tenants out.... They seem a little hard on walls and floors by the pics lol
I would like to get an inspection done on the house before I consider it too seriously, just to give me an idea on what I am up against. Is that reasonable? What repairs would send you running in the other direction? I have a property I could BRRR for funds.
What do we think? Any advice is appreciated.