question about rental deal
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.