Townhouse in Cy-fair, Houston area
Hi...
I am new to this forum. This is my first ever rental buy, but I plan to do more in the future.
I wanted to run this by you guys and see what you think.
I am looking at a townhouse in Cy-Fair area in Houston, TX.
Buying price: $108500 Listing price: $115000
Sq Ft: 1417
Built: 2004
I am paying cash for the purchase.
Expected rent: $1200 to $1300
Insurance: $100
Property tax: $230
HOA: $150
Repairs: $130 (10%)
Property management: $130 (10%)
Vacancy: $130 (10%)
Total expenses: $870/month
Cash flow: $470 to $570
The inspection report was good. It mentioned that one of the pipes leading up to the water heater was corroded and needed replacing. Everything else came out fine.
Do my assumptions look okay or am I missing something, considering that this is a townhome?
Thanks,
Raj