First rental property with a 3% conventional loan
Good evening all.
I’m wondering if this makes sense and if I’m looking at this the right way.
The property is a 3 family house priced at $210000
I will be putting 4% down.
With PMI and insurance the mortgage will be $1571.
Water and sewage will be $150 a month
and I will also pay $ 100/month for common electricity
The total rent roll is $2700/month
Which nets me $879/mo.
I’m very green when it comes to this. To me this looks like a good deal since will get my down payment and closing cost back in 2 years.
Am I approaching this the right way?. Is there anything else I need to be considering ?