Is this a good deal ?
Condo price is 115k
Down 3.5% closing 2%
Total capital requires 6.5k
Rents 950
- 5% vacancy
250 utilities
Annually
Hoa 2,652
Insurance 483
Taxes 2,519
I'll be managing
Noi $7,342
Debt service $ 5,979.93
Cap rate 6.38%
Coc return 21.81 %
Cashlfows $1,362.07
Principal pay down $2,129.75
Roi is 55.92%
Looking to invest on my first property
It's close to my job and it's a condo
This will fuel my next deal
And I will live in it one year before leasing it, not many duplexes in my area last one I saw listed for over 400k in a bad area.. and they are very limited..
What do you guys think? Pull the trigger?
It's small around 500 sqft condo.. but I want to get started ,should I wait ?
Thanks in advance
I've worked in apt maintenance before , i know a bit about remodeling incase minor things happen and
Have connections in that field as well on my side of the family hvac, plumming,welding,electric.
Thanks guys!