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wlkconsulting

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Posts: 1
Reply with quote  #1 
This is my property...What are the pros and cons in the eyes of a investor? Thanks

http://www.har.com/3327-legends-mill-dr/sale_82359407
OHlandlord

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Posts: 3,737
Reply with quote  #2 
My opinion:  It's slightly overpriced.  Last year it appraised between $137-155K.  You have it listed for $177K.  You've already reduced the price 14% so the starting price at $206,500 was too high.  It needs to be in the low 170s.

As a rental:  It's overpriced.  With estimated mortgage payments over $1100 per month, by the time you add in insurance, taxes, and the HOA fees (plus a measure for maintenance and vacancies), you couldn't make money as a rental.  Adding in those fees is probably a good $600 more a month, raising your payments to $1700 a month.  Rentals in the area are going for $1400-1700 for that size house.  No money to be made as a rental.
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