a good deal for my first investment purchase?

3 Replies

Hey everyone, I just bought a property in Benson, Nebraska.  Stationed here because of the Air Force, but will be moving on to somewhere else in about two years.  So bought it with renting it out with a cash flow opportunity in mind.  Was curious to get your take on it and see if I did enough homework and figured the numbers properly.  Here is the info:

-3 bed, 2 bath, 1300 sqft, w/ detached garage and a corner lot.  Zip code 68104

-Last years taxes = $1520

-Purchase price and financed amount at 4.6% for 30 years = $120,000

-Closing costs and funding fee (VA loan) = $9,200 paid out of pocket

-Pretty much turn key property, minor repairs that I can do, less then $200 worth of work.

-Projected monthly rent = $1,300

-I calculated 5% for cap ex, property maintenance, vacancy, and $95 a month for property management.

-Zillow says its valued at $126K.. 

Hopefully I put enough info in there for you guys to make an educated stab at it.  if not, just let me know.  Thank you so much for your take on my deal!!    

Awesome thanks guys!  Also, can either of you tell me why you don't really hear of anyone charging rent on a bi-weekly basis?  I mean, most people get paid every other week so it works well for budgeting for them.  Plus, it'll give the home owner a 13th payment a year.  Just wondering if any of you have heard of people doing that.