Buying my SFH and Need Some Help St Cloud MN
About to close on my first SFH rental property, I still have to get it inspected, and can back out if inspection shows something I didn't notice..
Few things about the house
3 bedroom 1 bath, (could convert spare room to bedroom if egress window is added) all original hard wood floors.
Will need to replace downstairs carpet, and repaint some rooms inside the house. estimating that at $1,300--$2200 (800sq ft ) i'll do the painting.
All brand new windows. early 2000's heating and air conditioning. roof is newer. nothing wrong with siding, or foundation. Has GFCI outlets. all new appliances in the kitchen.
Located in St Cloud not to close to the university but if I can't find a family, I could grab students(if i had to get someone to rent it).
Normal SFH rent around St. Cloud range from $850-$1200 I'm hoping to get $1,000
Tried running the number a few ways and they seem positive or break even the 1st year and then growth.
(downside of St.Cloud is you have to pay $500 to convert house to rental property)
Seller will pay 3% of closing.
I plan on managing it myself since currently live in St. Cloud.
Let me know what you think, or if I went to soft on the numbers, ( Repairs 5%, vacancy 9%, ) let me know if you have any rental units in St.Cloud and have problem.