First (possible) deal in Madison heights michigan
I think I've found some deals but I want to seek the wise counsel of BP to see what you all think. Those that know the Madison heights area will know a little bit more about the location. Here's the situation:
Two houses, one just north of 11 mile for 85k, the other is just south of 13 mile for 89k.
11 mile house has a little more to offer in amenities but they will rent close to the same due to the better location of 13 mile. I'm really wondering if this all adds up for either I them. Here are the numbers. (I'm assuming all the same numbers for either property. The differentiator is only the location. Let me know if you think that makes sense to do.)
Purchase price 85,000
Mortgage. 365
Taxes. 175
Insurance. 100
Maintenance. 110
Vacancy 110
Total. 860
Rent. 1100
Cash flow. 240 cash flow.
What do you guys think? Does this make sense?