Property Question

i am looking at buying a brick house in an middle income area area and have gathered the following information:



This home dollars per sq ft: $69

Comps avg dollars per sq ft: $66

Sold properties since May 2008 are:

$69,500, $73,000 , $65,000 and $60,000



There has been a 30-day change: $500 down in the area for houses.



The average pricing for houses in the area like this one is $68,000 and the owner owes $59,000 more or less.



the pi is $648 per month. The taxes are $598 a year and the insurance is $619 a year.



Other homes in the area like this rent for $675 a month.



i would be buying this property as a cash flow.



I really need any input I can get as to whether this would be a good deal or not.



thank you for your help.

Comments(2)

  • cjmazur22nd October, 2008

    seems like there would need to be a short.

  • dealfinder22nd November, 2008

    I would pass. Need to have at least a 35% equity spread plus cash flow of at least $150 per month

    Quote:
    On 2008-10-22 17:42, jc195 wrote:
    i am looking at buying a brick house in an middle income area area and have gathered the following information:

    This home dollars per sq ft: $69
    Comps avg dollars per sq ft: $66
    Sold properties since May 2008 are:
    $69,500, $73,000 , $65,000 and $60,000

    There has been a 30-day change: $500 down in the area for houses.

    The average pricing for houses in the area like this one is $68,000 and the owner owes $59,000 more or less.

    the pi is $648 per month. The taxes are $598 a year and the insurance is $619 a year.

    Other homes in the area like this rent for $675 a month.

    i would be buying this property as a cash flow.

    I really need any input I can get as to whether this would be a good deal or not.

    thank you for your help.
    [addsig]

Add Comment

Login To Comment