First Rental Property Out of State
Hello BP,
My wife and I are looking at buying our first out of state duplex in Indy. Ideally I think I have my numbers down but would love to talk with someone in more depth about the potential return. (Mainly cause it sounds too good to be true or maybe I am missing a key factor). Any and all feed back is welcome.
1 Bed 1 Bath Each -
PP: $25,000 ( Can I even get a 15 or 30 year loan on it at that price point)
ARV: $30,000 (Can go up by about 5-10k I believe after 2nd unit is renovated)
Repairs: $500 ( The second unit needs to be renovated but is currently occupied)
ALL MONTHLY EXPENSES: $664.77 (Based on 15 year)
Unit 1: $600 (Renovated side)
Unit 2: $400 (Unrenovated)
Monthly Cash Flow: $335.23
CASH IN: $6,500
Cash On Cash ROI: 61.89%
If I am missing something please ask me because I may have just left it out on accident or never even thought of it at all.
Thanks BP!