FIrst Investment Property Looking for Feedback
Looking for feedback on My First Real estate Deal.
Currently working to buy a Property in a college town that I am an Alumni from, in Western PA.
Smaller University about 6,000 undergrads. THis will be a student Rental
Purchase Price 113k
Rehab 15K
5 Bedroom, including third story finished Attic (2800 Sq Ft)
Rent $2,600 per semester $5,200 for year. $500 summer lease
-this is around average rent for off campus house with Utilites included
Expenses
taxs- $1,700
insurance- $2050
gas- $1,900
Electric- $1,200
Water/Sewer- $2,000
Yearly maintance- $1,000
total= $9,850
NOI based on Semester Rents Without Summer leases and late fees $26,000
($16,150)
Purchasing Home with Primary Home Equity. All profits will be dumped into Equity annually until Loan is repaid.
Any Cap Ex funds needed will be pulled from equity as well.
FeedBack would be great! again this is my first investment property. Exit is to hold house for 10 years and sell to 1031 into larger multi family deal.