Cash flow analysis.
Hey everyone. I am new to BP and I currently do not have any investment properties. I plan to close on something this coming March. I have the idea of starting out with a single family or a condo/townhome for a rental property after living there for a year or so. I want to post a possible deal for second opinions. Even though I am not pulling the trigger on anything yet, I just want to know if my head is in the right spot or if I need to rethink somethings. So here is the kind of possibilities I am looking at. I plan on putting 5% down on anything I do. Also, how much should I ask off of the listing price? Thanks in advance.
Here is the description:
"Move in Ready two bedroom town home located in desirable area. Recently painted and new carpet in bedrooms make this the perfect investment property or starter home. Main level is complete with kitchen, dining area, pantry and great room which is perfect for entertaining family and friends. Two spacious "master-like" bedrooms in upper level with bathrooms. Home is located near shops, restaurants and entertainment."
2bed 3bath 1254sqft condo.
Listing price :$124,500
HOA: $145
Build date: 2003
Mecklenburg annual tax: Approx. $1300
AVG. rent: $919 according to rentometor