Working on our first deal

[Collin Cook]

Hello All,

we're working on our first deal I would appreciate any feedback.

The property were going after is a duplex with 2 beds/ and 1bath on each side sitting on .75 acres.

Here's the numbers:

Purchase price is $51,900

Down payment $10,380.00

Loan amont $41,935.20

Monthly income $950

Monthly expenses $557.30

Monthly cash flow $392.70

Cash on Cash ROI 36.59%

Repairs $66.50 (7%)

Management $57.00 (6%)

Property Taxes $100.00 (11%) 

CapEx $47.50 (5%)

P&I $160.30 (17%) 

Misc $50.00 (5%) Lawn Service

Vacancy $76.00 (8%)

Total$557.30 (59%)

I already acquired a loan approval for $225,000 based on my Fico, my debt to income ratio, tax returns, bank statements, etc. We're pulling a little cash off our primary residence to make the down payment possible.

Based on these numbers me a my wife feel we have a good deal in front of us. Any and all feedback will be appreciated,

Thanks.

Collin Cook.