[Calc Review] Help me analyze this deal (My First)

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This will be a house hack at first till I can save enough up to move out. These numbers are based on once I move out. Nj is hard to get a good spread without buying a mess and Reno-ing it to make numbers work well. Is this something that makes some sense or should I not even waste my time.

Howdy @Garry DeFilippis

Your expenses are missing insurance and PMI. These two combined will probably eliminate any positive cash flow. Your PM is low at 3%. It should be 10%. Is the property in top condition? I would increase your CapEx and Maintenance.

Do not forget to include Closing costs.

HI john thanks for your speedy response! The property is newly renovated pretty  much all around.

New floors, kitchens, bathrooms, paint and trim, 2 carrier ac units, new furnace, 2 water heaters, split electric and gas.

Natural gas, pub water and sewer.

I will be wrapping closing costs into the mortgage.

Ideally, this will be my first home so I will be using this for initially a house Hack, but planning on adding 1 master sweet with walk in closet and bathroom over the empty space above the garage.

I was just toying with the numbers to see when we move out if this will make money monthly.

Updated about 3 years ago

@John Leavelle

So my question is people have said on the podcasts that if you can achieve 1% its a cash flowing property so id need $3450 a month if they accepted that offer.

Do any of you agree with 1%?

Originally posted by @John Leavelle :

Howdy @Garry DeFilippis

Your expenses are missing insurance and PMI. These two combined will probably eliminate any positive cash flow. Your PM is low at 3%. It should be 10%. Is the property in top condition? I would increase your CapEx and Maintenance.

Do not forget to include Closing costs.

Also to add All new windows as well

Originally posted by @John Leavelle :

@Garry DeFilippis

In my area I will not look at any property that doesn’t at least meet the 1% rule.  That might not always be possible in all markets.  You need to find out what is common in your area.

I greatly appreciate your insight John God bless!