Turning my home into a rental?
Hello BP! I found out about this organization about a year ago and have been reading and listening to podcasts ever since. I am wondering about turning my SFH that I've lived in for the past three years into a rental when I leave and was hoping to get some feedback from a more experienced community.
Property Details- 3Bed/2Bath/2 Car Garage/ 1648 sq. feet / built in 2003 (picture attached)
I am active duty Air Force and bought the home using a VA loan with 0% down. The purchase price was 145,500 and the VA funding fee took the total loan amount to approx. 148,000. The current balance is approx. 139,000 with a mortgage payment of $900. I've done some research on market rents and conservatively I could get between 1300-1350. I've also used the BP calculator to determine that this property would cashflow with a 10% management fee, but when I start factoring in capex, maintenance, etc. (which I'm sort of confused about how to pick percentages) I think I'll be cutting it close.
This property is in Charleston, SC which has been a rather hot market lately. I feel like I should rent the property even if doesn't cashflow 100% with my reasoning being that I didn't have to put any money into the deal and the expected appreciation, but this will be my first deal. Any and all feedback or suggestions would be greatly appreciated!
-Tyler