Updated over 1 year ago on .
My First SFH
Hey BP Fam, looking at my first deal and wanting to have folks double check my work! Property is a 3bed, 2ba SFH (Cedar Rapids, IA) listed for $96k (was purchased in March '24 for $90k...looking into that)
Market rent is $1,300 (could nudge up $50 maybe). Taxes, Insurance, Vacancy, Repairs, CapExp add up to $615 (insurance may be a little high until i get it quoted). My goal is to get my Mortgage payment below $490 with less of my money involved in a DP. At $490, it would cashflow around $195/mo and have a Cash on Cash ROI of around 9.9%. BUT, if I could potentially get the seller to buy down my interest rate in closing, that could increase my ROI to just over 11% and increase monthly cashflow by ~$45.
Thoughts? Am I too deep in the weeds? Do you need more info?