@Wayne Warren , a few things that I think you should adjust:
- You'll likely need at least a 6-month seasoning period before you can refi with a new appraisal.
- Since this is an investment property, your rate will likely be higher and the term shorter. You may get lucky with a local bank or credit union, though.
- Your Repairs/CapEx are too low, figure 15% of GSR combined.
- You're not accounting for insurance.
- Will you be responsible for any utilities? Sometimes water/sewer is difficult to bill back to the tenant.
As an investment, this isn't bad. Should be good cash flow and decent ROI. As a BRRRR it's not great, since you're leaving $30k in it. Ideally, you want to pick this up for $60-70k and get all (most) of your capital back out.
Thanks for the insight and advice, Jaysen. Much appreciated!!