1st property. Section 8 Tenant. With actual numbers.
If anyone could share their thoughts on this property, that would be great. It would be my 1st property. I would utilize my "First Time home Buyers card" as I do not own a home.
Notes: Investor bought it cheap and put $12-15K into it for upgrades, brought it to S8 reqs and it has a S8 tenant paying $750 per month. It does not need any real work, roof, foundation, appliances are good. Numbers are verified.
AP- $35,000
GSI - $9,000
MTG - $33,000 @4% 30YR = $159.00 ($1,891)
Taxes - $200
Insurance - $500
Management - $810
Max Cash Flow - $5,509
Variables
Vacancy - $900
Repairs - $2,000
Variable Cash Flow - $2,699
I get my investment back in one year. What do you guys think for a first property? (I have heard both side of the Section 8 Coin)