OKC - Hot deal in my hands?? Duplex

[Kevin Reed]

I’m new to this BP. Looking to buy my 2ndinvestment property. Duplex 2 of 2 units leased out in Oklahoma City, OK. Each unit 2 beds and 2 baths. Built in 2016 & 55+ Community w/ HOA.

Asking: $334,000

25% Down: $83,725

75% Leverage: 251,175

Unit 1 Mo. Rent: $1645
Unit 2 Mo. Rent: $1645

Total monthly rent: $3290

Insurance monthly: $95

Taxes monthly: $415
Mgm (8%) monthly: $271

HOA monthly: $300 (Very High!!!)

Mortgage monthly: $1310.25

Cash flow (not including vacancy 5% or maintenance): $900 roughly
ROI: 13% roughly

If one unit is rented out, I at the minimum will break even cash flow.

Three concerns: HOA, property limited to age group 55+, and resell will be difficult; however, this can be a solid buy and hold for long term.

What do you think?

[Zach Sikes]

@Kevin Reed 

With the retirement community you might have less turnover, but the HOA is expensive. There are also better deals here.....