So I'm almost done closing on my first property. It's a 1,200sft 3/2 with a brand new roof this year in a B neighborhood
Purchase price 77,500 seller pays 2,500 closing and fixes everything found in the inspection.
I used my va loan to get 3.1% 30 year rate
It should collect 800 a month at a minimum
Property tax. 111.
Vacancies 10%. 80
Repairs 5%. 40.
I should profit 95$ at a minimum a month on this house. Although I think I am going to self manage for my first few years to increase profit to about 175$
Although looking back I think it wasn't a great deal because my rates will go up if I choose to refinance, and I don't have a ton of equity but I am happy just to get the first one out of the way.
The rent is a little low for the purchase price but aside from that congrats on getting the first one done. You might consider going with a management company at first until you know how things operate on that side of the business.
Good luck, thanks for sharing!!
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