Duplex Due Dilligence in TX
I am looking to buy a duplex in NE TX area in the next few months, due to work relocation. I would like to live almost rent free. I have done some of the preliminaries on this property, but it appears to me that I would still be in the red . I am not sure what I am doing wrong and would like to get some advice and also have a second set of eyes on the numbers. I am also using a VA Home Loan. Is there stuff that I am missing?
Deal Analysis
Duplex 4bed/2ba
Sqft 1792 each side
Current rent $1,142.00
Market Rent 1700-1900
Projected Collected Rent (both sides) $3,400.00 -3900
The Mortgage $1,613.00
Mortgage insurance (PMI or MIP) n/a
Property Taxes $371.42
Property Hazard Insurance n/a
Initial Investment $0.00 $ 50,000.00
General Maintenance Upkeep ?
Landscaping $30.00
Water 100
Repairs $170.00 or 5%
New Appliances n/a
Capital Expenditures $340.00 or 10%
City Taxes n/a
Property Management $170.00 or 5%
Vacancy Rate $272.00 or 8%
Total Expenditures $2,936.42
Difference $463.58