First deal in MD: Looking for feedback on off-market property
So BP has proven to be an extra valuable resource so far for a newbie like myself so I'm hoping some of the more experienced folks here can give me some feedback on an off-market property I'm looking at.
The figures below are the numbers from a broker with a pocket listing so they have yet to be verified. It was previously on the market and didn't sell (possibly for good reason, I will be checking it out next week).
AP: $110,000 but I'm told that it was brought down to $98,000
Income: $1,300/month, currently rented to a long term renter
Taxes: $2,598
P&I (based on 25% down on $110k -from broker): $430/month
Insurance (budget # from broker): $700/year
R&M: $1,000/year (I'm a little skeptical of this)
City registration fees: $65/year
Tenant pays utilities.
No idea what shape the CapEx items are in.
Any feedback is greatly appreciated. I will be looking at comps this week to get an idea on pricing. Thanks BP!