Is this house a bust?

[Brian Wise]

I’m looking at renting this property and I’m having trouble with the number crunching. I can’t seem to make it work great. I question how there are deals out there.

Purchase $145,000. 3 bed 2.5 bath

$1700-$1800 per month rent

$20,400-$21,600 per year

-Mortgage A-D ($13740)

A) Prop Tax $4590

B) Insurance $850 est

C) Interest $4900

D) Principal $3040

-Management 8% per month ($2,482-$2628)

-Vacancy (5%) ($1020-$1080)

-Repairs (10%) ($2040-$2160)

-Income tax (fed/state/local) after deductions of Mgmt cost/property tax/interest ($1976-$2251)

———-

Net ($858)-($259) per year

If I can deduct depreciation

-Net $134-$733 per year

Property is mostly remodeled. All major components replaced within 5 years expect windows. What am I missing? Is this worth renting out? 

[Jason Brown]

@Brian Wise

Am I reading this correctly? Are you paying 4600 a year in property taxes on a 145K house.....?????

Have mercy.....