Is this a worthy SFR purchase? Tenant occupied as well. Thoughts?
Hi Everyone!
Long time listener...first time caller. First post here!
I
recently purchased my first rental in houston and am looking at another
one as well. I own my mothers house, have a rental down the road and
another 3/2 SFR with a tenant paying 1650 a month is up for sale for
200k asking.
Taxes are about 4400 lets say. Flood Insurance
700ish and Insurance is about 1000, HOA is about 400 a year. Lets say a
purchase at 208k with 20% down.
This would be my third property in a half mile range. I like this area near the woodlands, TX. Close to 45.
What
I am curious about is if this is an attractive spread for cash flow vs
other SFR around this area. Im expecting to receive about 3000k a year
(250 a month) on top of having a maintence fund of about 1500 a year.
Is
this a normal amount to receive, not worth the investment, better
opportunities in similar areas for cheaper or more income amounts?
Thought I would ask and thank you for your help as this is my first
post!