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.
seems like there would need to be a short.
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]