Just starting - is this house a good deal?

Question

I'm not yet ready to start investing but I am just wondering, hypothetically, if this house would be a good deal? Link: https://www.trulia.com/p/ny/albany/128-lark-st-albany-ny-122...

From what I understand, Lark Street is a rather lively thoroughfare with lots of shops and amenities. I feel that Albany is kind of undervalued for what it is, and there is both a law school and a medical center in the city. I've looked up rents and cash flow also seems good. Thoughts?

A.L. DeFalco · Answer

Thank you! I'm just starting to learn so any help is appreciated.

*If* I were in the market to buy, I would want to rent it out. It is a multi-family home. I am still not sure how many units are in this building, but it appears there are at least 2 from previous rental listings I found on Google. There may also be a basement/garden level unit.

There is a 2 bedroom apartment for rent at 217-19 Lark Street for $1,225 a month, a 2 bedroom basement apartment at 208 Orange Street for $1,200 a month, and what looks to be a renovated 3 bedroom at 199 Lark Street for $1,800 a month.

Chris Seveney · Answer

If you want someone to provide a thorough response, we would need more information. What is the property used for ? Is it a rental, what are the rental rates? You could plug it into the BP calculator to start to see where numbers pan out.

Looking at it from that one photo, it needs new windows which appear to be lined in lead paint. So right then and there is $10k+.