So I found this property online and it sounds promising. Its in 2312 Van Buren St. and the area is pretty good as a bachelor pad. Its a 1/1 and looks like a decent place for someone who wants the South Beach kind of lifestyle (i.e. walking to the beach). Its good as a first time investment from the rough estimation of the numbers.
These numbers take into account a 20% down payment on the sticker price of $76,500. (Im sure if you can negotiate better, the numbers will be better)
I also estimated renting it at about $1,000. Rentometer has the area listed at around $835 as the average with numbers tilting higher by a hundred dollars. The neighborhood looks to be up and coming as I go there a lot for entertainment as well as dates with girls.
If I had the money, I'd jump on it but I dont have a 20% down payment. Plus I dont know if it needs new appliances or have seen the interior. I got the screenshot below using this sites excel sheet. BTW the numbers include the HOA fees stated in the listing with the taxes estimated at $1000 per year and a budget of $2000 for new appliances (washer, dryer, fridge, if needed). Yearly, it should produce $3,279 net after mortgage taxes and other first year expenses. Add in the $2k from the appliance assumptions and its a $5k net yearly cashflow.
I cant seem to figure out how to upload the images of my calculations so please take my word for it lol.
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