Need advise on an SFH in Indianapolis
First of all let me tell you that I am novice investor, currently owning an SFH rental home in Austin, TX but looking to buy a few more properties by EOY 2018. I am currently evaluating Indianapolis and an offer was accepted a few days back. My issue is that everything happened so fast and I didn't get a chance to calculate my numbers. Basically home is for 140K in an A- suburb with a good school district. My expenses are as follows
- Downpayment - 35K
- Closing Costs - 4K
- Monthly Expenses (Mortgage, P&I) - 750K
- Property Management - 200 (One month rent for leasing, 10% monthly cost)
- Repair Costs - 50
I should be able to rent it out for $1150.
So my monthly cash flow is $150. AM I missing anything else? Is this a good number? Honestly, I am thinking of backing out and losing 2K in terms of earnest money and inspection. Please advise.