Investment Properties

Property Investment?

I was invited to an open house by a broker. It was more of an investment property. This is what the broker told me about the property: 1*** Unionport Road, $119K, CC $543.33, tenant paying $940 The tenant that lives in there is renovating the apartment himself. Does this sound like a scam or am I viewing this wrong? The broker advise me if I am interested, the property could be mine but the tenant included and she will lower the price to $114,000. What do you guys think?

Public Comments

1. It does not pencil out well, you will be in the red every month. The house payments, insurance and CC will be double the rent, and you have to pay income tax on the rent. This is a bad investment.