@Derek Markowicz Sounds like a good financial situation. I would suggest putting $150 in a savings account or something like that for CAPEX. Are there any other expenses like yard maintenance? If not it sounds like you have $300 a month in cash flow and that is pretty good. Any time you can buy a property and have someone else pay for it it is a good deal.
@Derek Markowicz Have you tried using the property analyzers here on BP? I don't have a pro account so I don't use them. I have an Excel sheet I use that I actually found on BP. For me to calculate the ROI and cap rate I would need to know more about your mortgage. For example, I would need to know the interest rate on your mortgage and if you had any money down.
I ran some numbers with some assumptions.
Mortgage 104,000.00 6% interest 30year
1800 annual cap ex
based on your mortgage/taxes/insurance and what the rent is I determined your annual cash flow would be about $3,232
that would be a 10% cap rate and your cashflow / initial investment would be 46%.
again it is hard to get some of these numbers accurately without all the information.
based on the numbers you have given me I would say this is a pretty good deal.