$15k, rough but upcoming neighborhood. Needs shingles but most the roof is good. Decent mechanicals. 2br 1 ba but has den, living room, dining room, and basement.
I could probably let it go in "hoard state" for 50-60 for the quick cash. Not even that much of a hoard but there's a dead dog and some squatter detritus.
If I fixed up the interior – mostly sanding and paint etc I could probably realistically get it rented for 1000-1400.
Fixed up completely and sold would likely be about 140-160.
Should I go for the cash flow and leave it be? DSCR to buy another? Sell before the bottom falls out? 1031 into multifamily?
Got a cheap house – what now?
byu/SouthernExpatriate inrealestateinvesting
Posted by SouthernExpatriate
8 Comments
Dude that’s a solid flip opportunity but honestly the rental cash flow sounds pretty sweet too. I’d probably lean toward fixing it up enough to rent – way less headache than a full reno and you’re still pulling decent monthly income
Also maybe deal with that dead dog situation first lol, pretty sure that’s gonna hurt your property value regardless of what route you take
Fix it up then find a ‘rent to own’ tenant.
Solid deal. Fix it and rent it. Build perpetual income. Then borrow against it and buy another house.
Deal of the century if it doesn’t have tax liens or other hidden traps! I would fix and rent. If the market is coming up like you say, buy some more with the equity and build out a portfolio.
Depends where it is honestly. If the house is going to get broken into while renovating and become a nightmare better to off load it now, make some cash and use it for the next deal
If you are looking to 1031, you should find a QI in your area. There is also a holding time calcualtor I know of and a place to find a local QI, [https://1031rule.com/resources/holding-period-calculator](https://1031rule.com/resources/holding-period-calculator)
$15k? I paid more than that for a roof.
Sounds like a 50-60k rehab and you can rent for even $1200k that’s a steal.