Critique my first Deal in NM
New member here closing on my first SFH rental in less than a month. I have run the numbers several times, but I wanted to get a second opinion to ensure I am not missing anything. First off a little bit about the property. It is a 4 Bedroom (one of the bedrooms is a converted garage), 2 bath, 1400 Square Foot home. It has tile floors, solid surface countertops, central air (big deal in the southwest), and W/D hookups. It is also painted like a taco bell. Market rents are between $1000 and $1300 for my city. Since it has no garage and is in a less desirable location, I am thinking it will rent for $1050 fairly easily. First some pictures, everybody loves pictures!
I have run through the numbers several times and I want to make sure I am not missing anything. I will be doing all of the management myself.
Buying an REO has been a challenge. We have gone back and forth with the seller several times and the closing was initially supposed to be on September 4th. Now closing is going to be around September 20th. They also pay virtually no closing costs. This is causing my closing costs to be substantially higher than estimated. Thanks in advance for the advice.