drunkle – I was mostly kidding – I’m expecting to find far better properties than this when it is time to buy again
at $1500/month rent the $216K is about 12 times yearly rents – without a healthy down payment the property would have negative cashflow using traditional financing
given the condition of the current market and the location of this property, I wouldn’t offer more than 8 times rents which would be $144K
this would be my offer: $144K cash, 15 day escrow, no contingencies
