potential rental deal, need feedback
Hey everyone,
I'm looking to acquire my first rental property. Did my research, the numbers look good, but just wanted to get the people's thoughts before I go through with the transaction.
Price: $13,500
Repairs: $40,000 (contractor estimated $35k then I added another $5k to be overly conservative)
Total Investment: $53,500
Monthly P & L:
Rent: $800
Taxes: $96
Prop. Mgmt: $80
Insurance: $87.58
Deferred Maintenance: $50
Vacancy: $80
Profit per month: $406.42
So tell me- deal or no deal?
Thanks for reading and responding.