First investment property 3 unit
Have been lurking on the boards, videos, and podcasts for a while have ran the numbers posted below. Looking at a couple different properties but this one in my opinion has the most potential. First floor unit has already been remodeled. Second/third floor need some work. With the work being down I am considering starting my offer %15-20 below listing. Can anyone give me their input on this deal. Along with the best advice for a first time landlord. I know screening is a top priority.
List price: 160k
Income:$2625
Expenses: $1375 + or -
P&I: $526
Taxes: $266
Insurance: $83~
Water/sewer: $200
Vacancy: 10% $100/month
Capex: $100
Maintenance: $100
Property management: $0 myself/Fiance was assistant property manager 5+ years.
Cash flow: $1250
Assuming we agree to a price in the middle these numbers could vary.
$28k down
$7k closing
$ 5k in rehab
Leaves me at a ROI of 37%
Even though the numbers all make sense in a perfect world still nervous about this as it is my first property. Would I be crazy not to jump at this?
Thanks in advance!