Is this a good deal? thoughts and feedback
Hello guys,
I first want to thank BP for being an amazing community. It has answered nearly every question I had without me even having to ask it.
With that said I am looking to purchase my first investment property and it is a duplex. I wanted a second opinion on the deal and if you guys thought it would be worth it.
I am looking to purchase the property for $110,000.
Rent would bring in $1,400 a month.
Expenses would be as follows.
Insurance -$40
Cap Ex - $70
Taxes - $150
Repairs - $70
Principal and Interest -$481
Vacancy - $70
This makes my monthly income on the property roughly $250 per door before taxes. The only thing that worries me is the cap rate (if I did the math right) is just 5.25%.
I just wanted some second opinions on this deal and if there is anything I am not considering or should think about.
thanks,
Tyler