First SFR under contract!!!
Hi all,
Long time reader, first time poster (I think). But first of all, thank you to everyone in the community. If it weren't for you, I would have never jumped in, and this contract would not exist. So I'd like to share the details and hopefully get some feedback.
This is a 2/1 1300sf SFR.
Purchase price: $47,000. Currently rented for $750/mo.
Financed @ 20% down (using my HELOC) for 20 yrs. @ $285/mo.
Taxes & Ins = 150/mo
Assuming 8.33% vacancy and 10% maintenance = $131/mo
My fancy spreadsheet gives NOI = $5616/yr and CAP RATE @ 12%
My personal calcs show $750-285-150-131 = $184/mo. Note that I think I can probably get $850/mo in rent. And this would probably be a good Section 8 home.
Once again, THANK YOU to BP!!! And please feel free to comment/analyze/tell me how dumb I am ;)
Matt