BP Newbie - Looking for Advice/Input on a Recent Purchase!

[Thomas Lorini]

Greetings BP colleagues!

Being a new BP member I thought I would seek some INPUT/ADVICE from other members on a recent purchase I did....wish I was a member sooner to ask before I closed.

So I just closed on property (6) located in Hamilton, Ontario...yes its in Canada. 

Quick background, the city is rated Top 3-4 towns to invest in the ENTIRE country from reliable real estate networks.  The city is growing, jobs are increasing, vacancy rates are at historical low 2%, and  you can find actual cashflowing properties. I lived most of my life near Toronto which average homes have hit $1M. 

Breakdown of deal:

Listed at $139,000

Recent comps (similar home on same street) $151,000

Multiple offers over asking which I originally lost out on, that deal fell through and we got another opportunity and offered asking which they accepted.

After inspection we were able to knock off another 3k, so final purchase price $136,000.

Closing costs 2.1% (closed this month)

Reno's (which are in process approx. 2 weeks) 4k-6k depending on the extent of the electrical as it is an older home had some knob & tubing to remove.

Its a 3 bedroom, 1 bathroom freehold Semi located 100 yards from the General Hospital.

We should be getting rent of $1200/mth plus utilities.

Factoring in the following:

Taxes, insurance, PM 7%, Vacancy 8%, Repair&Maint 5%

Cashflow would be $303/mth.

I'm  think its a pretty good deal, as there are not many properties listed below 150k in the entire city. 

What are your thoughts or input?

[This is a long term buy and hold]