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!
You may want to double check your numbers, with my calculations and your assumptions, this property does not positively cash flow per month.
@Zee Abbas
Thanks I'm probably doing something wrong
I'm learning to run numbers
Can you post a breakdown if possible
@Zee Abbas
Thank you I was looking at two different papers and can't believe I got confused, it's been a long day here at work thank you zee !