First deal very nervous! Please help!
Deal analysis
List price: 29,999
House details: 3 bedroom 1 bathroom
Avg rent: 850-950
EXPENSES:
Monthly taxes: $47
Insurance: $75
P&I : $111.83
Repair : $45 (5%)
Vacancy: $45 (5%)
Cap ex: $45 (5%)
Mgmt: 90$ (10%)
Garbage: 40$
Purchase closing costs I put at 3,000
** And repairs I put at 8,000 (completely guessed as I was going off of the images of the outside and inside of the house)
I ran the numbers and seen a 28% cash on cash return With a $398.00 cashflow.
I have never done a deal before and I am very nervous to jump into this which I assume is normal. I understand the true value of the repair cost is most likely what is contingent on this deal being a good deal or bad deal. Just wanted to know what everyone on BP thinks and what should be my next action step. Thanks everyone appreciate all your help!!!