Bank REO. Bought for 92,500. FMV 160-170. 3BD/2BA. 1300 SQ. FT.
Nice neighborhood. Needs very little work (some landscaping and some tub caulking). Doesnt need carpet because tiled throughout. Odd that it doesnt even need paint but there you have it.
Would rent for 100+ a month positive with 60K+ built in equity.
Can be a medium to long term keeper or I am also considering LO to get my profit out in a year or so.
80% conventional mortgage with 20% equity from a re-finance so NMD.
This is my current strategy: lowball offers on foreclosures that will rent or LO for at least break even. I am looking for 60% of FMV max.