Would You FHA? $179K 15% Cap 1st Deal
I have no debt, decent income and would be first time home buyer. Would you FHA 5% down? Here are the details. Obviously I did NOT include the 5% down. Any advice would be great.
AP - $179K ($179 @5% 30YR)
GSI - $27,000 ($2,250pm)
Vacancy - $1,350 (5%)
Effective Income - $25,650
Gross Operating Income - $25,650
Total Operating Expenses - $6,926 (Provided by the broker but I will verify)
NOI - $18,725
Debt Service - $11,531
Cash Flow Before Taxes - $7,194
YEAR TWO - $6,000
YEAR THREE - $6,801
YEAR FOUR - $7,645