I'm a new investor looking to purchase my first property / house hack by early winter of this year. I currently live in Los Angeles / Orange County, so I would realistically need to move OOS to do this. All good... always happy to start a new adventure!
I've been analyzing multi-family properties near the Phoenix, AZ area to practice for when I'm ready to make some offers. I came across this deal recently, and it seems fantastic to me. I would have $400 cash flow after all expenses (PITI, vacancy, management, etc.) assuming rent is $850 per unit (in my calculations, I would be paying $850 as well). However, I notice it's been listed since 1/29/2021, which is a rather long time.
By looking at the listing, is there anything I may be missing? It seems odd to me that it's been listed for so long. Here is the listing: https://www.realtor.com/reales...
Thank you in advance.
@Yoselin Pearce Hey Yoselin, it could be a number of things. Location, repairs, taxes etc. I'll take a look at the MLS and give the agent a call
Hi @Account Closed - thanks for your reply. Hm... well, I'm looking to kick off my RE career with my first house hack. Ideally in a not-too-rough neighborhood, so I most definitely don't want bullets flying around me. As mentioned, I'm from CA and admittedly not too knowledgable of the AZ area (yet). I looked at city-data.com and saw the entire Phoenix area is dark purple (see attached). I'm guessing safe to say from your comment that Glendale is a bit rougher?
Wow... thank you @Nicole Lee ! I really appreciate your help here.
@Account Closed ....WOW! So incredibly helpful. I'll be sure to keep these areas in mind moving forward. I really appreciate your help. Thank you.
@Yoselin Pearce I'm also notorious for getting myself excited about properties without really knowing the area/safety situation.
It's definitely helpful to have a team or some contacts wherever you're looking to move. You'll want to make sure it's not only a good investment, but also somewhere you'll enjoy living. Best of luck!