Property Investment?

Question

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? What questions should I ask the tenant?

Answer 1

what is the "house" worth, what did comparable houses sell for? what does the tenant know about renovating? what is CC, closing costs, or carrying costs? would you be willing to live in the property? have you been a landlord before? do you know how to do basic repairs yourself, what is you aptitude? how long do you envision owning the property? what is the end game? are you buying for cash? why does the tenant want to live there?
Your first offer for the house (apartment) should hopefully get a NO response. Too many unknowns to answer further, I have bought and sold many rental houses/apartments over 25+ years. It is a great way to make money! Best of luck!