[Calc Review] Help me analyze this deal

[Axel Norvell]

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hi guys! This would be my first deal and I'm trying to get comfortable pulling the trigger on it.

The property is a great area in Houston. I walked the property and it needs quite a bit of work, but nothing really major. At a glance, the structure looks good, it looks like a new roof and most the problems are cosmetic (AND it really smells bad, like cat pee).

I've personally estimated about $20,000 in repairs assuming I do majority of the work. I'm budgeting for $50,000 in repairs as a buffer in case things go sideways.

Here's the overall numbers (please reference the calculator above for more details):

Purchase Price: $200,000
Repairs: $50,000
Expected ARV: $300,000 (based on comps selling in the area).
Expected Rent: $2,700 (I can convert the property into two units, bringing in around $2,700 / mo total)

Initiate Purchase
Down Payment: $50,000
Loan Amount: $200,000
Loan Fees/Points: $1,901.00
Amortized Over: 30 yrs fixed
Closing Costs: $5,468
Loan Interest Rate: 4.975%
Total Cash Needed at Purchase: $57,369

Refinance after 7+ months
Loan Amount: $240,000.00
Loan Fees $4,850.00
Amortized Over: 30 yrs Fixed
Loan Interest Rate: 5.000%
Monthly P&I: $1,288.37
Total Cash Invested: $20,476.46 (I'll get around $30k out in cash).

Would this be an investment you would make?