3rd rental is in the works!

[Nicole Heasley Beitenman]

Nothing crazy, but I secured a turnkey 2-bedroom in a nice neighborhood. Just a conventional sale off the MLS for $47k with 20% down and covering closing costs (no option to have sellers cover; as it was an investment property, I could not ask them to cover more than 2% of closing costs).

Estimating it will rent for $800 a month and interest on the mortgage is 5.25%. Looking at $160/month in cash flow after all expenses (including vacancy, PM, maintenance, and capex reserves) are said and done. 

The coolest part is that I grew up in the house. We know it very well, and anything that we didn't fix was fixed by the subsequent owner. Obviously we have to make sure that work was done correctly, but we're confident it will be a low-maintenance rental (and we're prepared in case it isn't). 

Once we close, rental #3 will be in the books! As always, a huge shout of thanks to the BP community for constant motivation and support. Hoping I have another success story to post soon!