No professional can render an opinion for fact we are not part of the transaction all the conversations.
1. Many times what a buyer THINKS they can purchase what is real are 2 different amounts. 2. Standard rule of thumb when I am speaking with a buyer what is your income x 3 .
3. Your statement above I would assume you could purchase in value range of approx. $165K - or + without total review of the debt ratio , closing costs, down payment and etc.
4. $170K sounds within 3 x income amount less down payment
5. Lenders don't want any buyer to over extend themselves have deal with foreclosure and etc. AND if a tenant moves out property (unit) is vacant you still have to afford the empty space till a new tenant move.
6. Landlord you will also have repairs , additional costs to maintain the property. If you don't tenants won't lease the property OR renew their lease.
Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
100's of Dallas homes listed for sale or lease
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