Investor · Columbus, GA · Member since 2014 · 2k+ posts · 1k+ votes
5y
If it meets your deal requirements, I don't know why you would care what someone else thinks. Especially someone else who does not live in your market.
@Mike Mosby how did you discover the only house in the world that doesn't have anything break or wear out. My bare minimum for repairs is $50 per month and conservatively 5%. Look at the commercial warranty on flooring. Most will be 10 years. That is my lifespan for floors. Assume 1500 sf of flooring. My area it is $6 sf to replace. $9000/10 year life span/12 months in a year = $75 per month on 1 item in a capex budget. Still have to account for roof, hvac, appliances, bath and kitchen remodel, siding, brick repoint, etc. Usually use 10% for capex. Taxes seem low for a 270k property < than 1% of purchase price. Pm of 8% seems low if there are any rent up fees. 10-12%. If you look at the 50% rule you see that it will clear $168. You might do a little better than that but not $700 per month.