I recently came across a house in foreclosure, It is listed as bank owned and has a price of around 140k, fmv i have determined to be around 190k +/-(although I will admit this is my first time trying to figure FMV), anyways this house is located right next to a major university and, from my personal experience of renting a house in the area currently I know that I can easily charge $2000+ a month rent. I found this house on realtytrac.com and was wondering if i should contact a buyers agent to submit an offer for me to the bank or try contacting them directly? I have all public records available online as well as recent comps. Would I have trouble getting financing and renting or would i be better off to flip to another investor? the city council has to approve a rental license which would end up costing me around 2000 to apply for but i would research that a little more before I did anything, Im still trying to make sense of the ordinances affecting rentals in the city.
Anyways any help or guidance here would be greatly appreciated.
Aaron Spoor