Need Help With Purchase Analysis · Insurance Mid-Term Rentals

Need Help With Purchase Analysis

Hey there! I need some advice on how to analyze if a property is worth purchasing specifically for iMTR.

Quick Specs:

1900sq ft single-story: 3/2 with 4th bed option (currently used as an office); fenced yard (we would allow pets); it's in a highly sought-after suburb of Dallas (TX) proper and has highly rated schools. The current list price is $485k. It's been on the market for 3 months. We know the owners which is fun. The asking price feels outside my realm of comfort given my (very limited) experience with real estate investing. BUT if iMTRs are working in Dallas, it may be worth the risk of the higher price given location/specs of the house. I am trying to do a preliminary analysis to see if the numbers would even work before I pitch it friends that would potentially financially partner with us as we can't afford the up-front out-of-pocket costs independently. Maybe TMI, but I believe the more info the better!!

We have another furnished long-term rental that is leased to a non-profit that cash flows $200/mth right now. Which feels like a blessing because so many people are struggling to make numbers work on their rentals. I don't know if the neighborhood is quite the right fit for iMTRs though.

Any thoughts or advice?? Thank you!!

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Need Help With Purchase Analysis