Turning primary residence to a rental
I am a young professional and aspiring investor and am looking to turn my primary residence to a rental and purchase another residence and repeat. I am running the numbers on my primary residence to make sure it will cash flow. I have contacted a land lord renting a similar home down the street from mine. He was renting his out for $1695 per month. Can some seasoned investors take a look at my numbers below and give me their thoughts. Am I missing anything? Thank you!
1600 SF Townhouse, 3 bed rooms, 3 full baths
Income:
Rent $1695
Expenses:
Principle and Interest $703
Taxes & Insurance $155 (included in mortgage)
HOA $125 - Covers all lawn care and outside maintenance including replacing the roof.
Vacancy 8% $135
Repairs $75
CapEx $75 - Low because HOA covers roof and entire outside of property
Cash Flow - $427