Investment Property to good to be true
I ran across an off market (MLS) Deal which is a good deal. The seller is willing to sell the house to 260k its 4/3, house built in 2006, hardware floors, granite counters, beautiful home, IN Grandview, Mo.
Comps show 290,00 so I have equity built in. This is a single family home.
My problem is there is no way to get 1% rent on this house. I could just flip it but I'd have to use an agent and then all those agent/broker fees would eat into some of the profit.
Rent comps are 1500-1600, mortgage is 1685, and taxes and insurance is 3000 a year
The only thing might work is Air BNB. It looks like there are some houses who do this get 200 nightly rate M-Thurs, and 250-300 for weekends depending on what's going on in the KC area.
Should I pass? Air BNB is new to me as a business model. I prefer to buy and hold, get tenants for cash flowing and build a portfolio.
Any suggestions is greatly appreciated.