PLEASE HELP ME ANALYZE A DEAL
I have come across a property - new construction, 4 beds, 2.5 baths $285K. With 25% down, 3.5% interest rate, 30 year term - my monthly mortgage including taxes ($500) insurance ($60) and HOA ($35) is around $1,500. Property rents for $1,900. It's a single family, all four bedrooms are on 2nd level. I would make $300-400 since I'll be managing the property.
Cons: It’s a developing area, still feels like in middle of nowhere, and schools are not good.
Pros: 20 minutes to downtown, cash flows, new construction so all the warranty and no repairs or expenditures for a long time, and potential for development.
Please let me know your thoughts, I feel this seems like a good investment.