So after much reading, I finally decided to take a shot at my first real estate investment; thanks in no small measure to all the wonderful information here at BiggerPockets. So here are the details:
Finished Rehab Mid July
Placed a tenant Mid August
1,100 square foot 3 bed, 1.5 bath house, built in 1970, on a corner lot 1 block from a major university and health complex in Oklahoma City.
Here are the numbers:
Purchase price: $55,000
Down Payment: $15,000
Monthly Mortgage (with taxes and insurance): $308
Closing costs/transactional fees: $3,600
Rehab costs (including appliances): $13,000
Monthly Rent: $975
So, I'm really happy with how it turned out, and I think I will be able to increase the rent next year too. Now it's time to start thinking about deal #2! Much thanks to everyone who helped me make this a reality, especially @RhettTullis and @ChrisLauhon and everyone at Integrity Oklahoma for helping guide me through the process.
Updated about 1 month ago
I forgot to include exterior pics, so I have now added those to the album.