Why is this Not good Deal? (Deal Analysis Help)

Question

Hi All,

First time posting,  and ive just recently ( last 2 months gotten into real estate).   Im from the North East and am looking to invest in the South East.   Ive read quite a few books and listened to a bunch of podcasts and have started getting into analyzing deals.  Ive subscribed to Rentometer and have started searching for homes in the Orlando area.  One of my deals I just cant figure out why it hasnt been scooped up and im looking for some pros to help me understand.

Location:  https://www.zillow.com/homedetails/2894-Stallion-Dr-Orlando-FL-32822/2102405734_zpid/?

Rentometer Price:  1360$

Property Taxes: 53/m

Condition: Move in ready.

Crime : Low according to Trulia.

This house meets the 1% rule by 2x.  Why would this not be a buy? If it is a buy,  enjoy this freebie!

My analysis give me like a 73% COC return.

Is rentometer just not the tool to use?

Thanks for any help.

Marshall

Javier Marchena · Answer

@Marshall Milinazzo

Have you call them to find out the rest of your numbers?

I checked their website where they have 10 houses for rent or sell, but the information is limited. Lots of nice pics

though!

Usually they have an HOA fee for all the amenities. Make sure you include this fee in your numbers.

Marshall Milinazzo · Answer

@Tim Herman  Thanks thats very helpful I didnt see the trailer as a depreciating asset,  but that make sense  and the other fees for mobile is also helpful to know.

Thanks much, Marshall

Tim Herman · Answer

@Marshall Milinazzo it is a mobile home, a depreciating asset in a 55+ community and they don't list the cost of lot rent.