South Texas Purchase second pair of eyes
Hello everyone. I'm looking into purchasing my first investment property in south Texas and came across one that I'd like a second pair of eyes on. If anyone is able, I'm looking to see if I'm missing anything in the numbers. I understand there may be some expenses required to make the property a bit less of an eye sore based on the pictures. Anyway, thanks in advance for anyone able to take a look.
Address: 715 E Jackson St, Brownsville, TX, 78520
Asking: $95,000 | Current rent: $1,660 | Est. Mortgage (based on a $10,000 down payment): $577
The following rents apply:
1/1 for $375 | 1/1 for $500 | 2/1 for $485 | Efficiency: $300 = $1,660
According to the post, the owner pays some utilities:
Gas: $43 | Electricity: $160 | Water/sewer: $103 = $306
Cashflow:
($1,660 (Rent income))-($577 (Est Mortgage))-($306 (Utilities))-($132 (Property management assuming 8%))= $645
COCROI: ($645x12)/($10,000(down payment)) = 77%