[Calc Review] Help me analyze this deal
Good afternoon!!
Here's a deal I have come across. I'm still learning as much as I can about the financial side of these deals. And could use as much critique and feedback as possible. I currently have 90k (and saving like crazy) that I can use for down payments, so looking to buy 2 potentially 3 properties by the end of the year. I live in Seattle. I have been working as a General Contractor for the past 6 years on large commercial projects so I understand the dynamics of contracting and working with other individuals and establishing a team. Looking to buy OOS due to the market here. Came across Columbus Ohio as an overall growth rate of 1.15% and it is in my price range for starting. How do other people select networks when you have a wide net from which to choose.
Assumptions:
RENT: 1100 per door for rental. Checked via rentometer & cl this is my biggest unknown as I don't have a lot of knowledge of the market and the class of neighborhood. Rents look surprisingly strong for the price of homes in the area. How can I better investigate this? I was planning on calling property managers tomorrow morning to investigate.
VACANCY: 7%
REPAIRS/MAINT: 3%
CAP EXP: 3%
MGMT FEES: 5%
INCOME GROWTH/: 2%
Nearly nabbed the 2% rule.
*This link comes directly from our calculators, based on information input by the member who posted.