Property Type: 4 plex
Asking Price: $175,000
Gross Rents: $2300
Taxes: $4,000
HOA costs: 0
DP = 20% or 35k
Mortgage: 140k
Mortgage payment including taxes: $1077
All units are occupied with various ending dates in 2016 and 2017.
Sounds great, right? But this property according to the sellers disclosure is being sold "as is" and needs a new roof, new deck, has had foundation repair in the past and is located close to a creek that doesn't usually, but can flood.
Is it worth it for such a great price, but with such big (known) headaches in the future? Thoughts?
This would be our first rental property and it is out of town (about 4 hours away from where we live).