2 Properties Under Contract Today! What Are Your Thoughts?

[Justin S.]

So I'm purchasing two 3/3 doubles(C/C+ area)

The doubles were from the same seller two streets apart so I bought them as a package.   

Please let me know if I am missing anything.  Also, If any of you would calculate this deal differently let me know.  Always looking for different ways to analyze deals.

  Here are the numbers:

Purchase price-$143,000

Down Payment-      35,750

Closing Costs-          7,150

Taxes-                     3,600

Insurance-               1,800

Mrtg Pymt(30yr)-       994/mo

HELOC(closing costs)-75/mo(10yr amt)

Rents(Minus 25% M/V/M) -1,965mo

Water-                         40/mo

Plow/Lawn Care         60/mo

Cash Flow-      1,965-994(mortgage)=971-100(h2o/plow)=871-75(heloc)=796x12=$9,552

Cash On Cash Return-$9,552/35,750= 26.7%