First Investment Worries
Hey all, first of all thank you in advance for all of your responses. I saw a condo today that I really liked. It was at a price that I can take on right now, and it was near a large university so I'm optimistic about rental opportunities.
Since this is my first investment I'm a little hesitating to pull the trigger. I wanted to run the numbers by you guys. My question is, as a first time investment, does this sound like something worth going into?
- Two level Condo; 2 BRs, 2 1/2 Baths; very small patio area; Appr. 1,100 sf. 6 - 7 years old, and fairly well maintained.
Asking price: $100K
(All amounts are ANNUAL)
Approximate rental: 11,100
Taxes: 975
Insurance: 600
Pr Mgmt: 1,100 (most likely will use one)
Repairs/Maintenance approx: 400
HOA: 1,200
Mortgage (P&I only): 4,836
Yearly Cash Flow Before Taxes: $1,989. Feels kind of tight to me. Property Mgmt fee is a killer. Of course the property mgr has other one time costs at the outset that I'm not figuring in.
Thoughts?