An extra set of eyes! (Help me with this deal)
Hello friends,
I am looking to purchase my first investment property. Currently, I am living in Las Vegas and looking to purchase out of state. The deciding factor for investing out of state has been reading David Greene's Long-Distance Real Estate Investing. I have boots on the ground in Memphis and know that the market tends to cashflow well.
The property is in Memphis TN located within a C class neighbourhood where the number's work for me and I feel comfortable investing. The property will need about $5000 in repairs. There is a current tenant month to month and paying below market rents which could be $675-$700. Comps in the area run about $55,000-$60,000.
As a new investor, I would love to share for some feed back on what you think about the deal.
Thank you in advance!!
*This link comes directly from our calculators, based on information input by the member who posted.