Help me Analyze my first Investment Property!
New investor here! Hi! Please share your knowledge with me as I am under contract, and, of course, afraid I am making a mistake. I am in Atlanta and the market is super HOT now. I found a townhouse in a good are purchase price $275k 3 bedrooms 2.5 bath 1650sq probably rent between 1850 and 1950 a month. My mortgage payment including insurance and taxes will be at around 1460 with a 4.125% interest rate due to it being an investment property. HOA is $135 a month so I am looking at roughly 1595 a month out. I will have to put 25% down payment of 68.25k and property needs new carpet which will be about 1600 give or take but that's all it needs. HOA has no releasing restrictions except 6mts minimum lease and tenants must receive a copy of bi-laws. Transfer fee for association 1000 one time fee. Is this a good deal or not? The house was built in 2006 really good condition. Let me know your thoughts please!