Rental goals and possible set backs
So I am currently in the Marine Corps and will be getting out in about a year from now. I will be looking to buy a home for 100k with 7k down.
My concerns are,
1- not being able to produce the rental income I will need to in order to come out with $200 cash flow
2- the property sitting vacant more than 2 months.
3- I still need to learn more about upfront costs other than the down payment.
And finally I am not sure what The course of action would be if a tenant destroyed a home due to being evicted.
My goal is to have a 100k home with 7k down with a payment of no more than $550 mortgage and rent set at 1,500 this should cash flow nicely with taking into account,
($200) property tax
($120) insurance (?)
6% management
5% vacancy
10% repairs
What expenses am i missing?
I am aware that to get 100k home to rent for 1,500 is going to take some hunting but i think it is realistic.
Any advice would be greatly appreciated.
Thanks in advance!