What do you think of these numbers?
SFR Purchase Price: $30k
Down Payment + Closing costs: $6500
Rehab: ~5k
Monthly Mortgage: $200
I assume insurance and property tax will run about $50 each per month.
Vacancy: 50/month
Repairs: 50/month
Total Expense: $400/monthly or 4800
I expect to rent for $600/month or $7200/ year.
Profit: ~2400/year or $200/ month.
2400/11,500= roughly 21% cash on cash return.
Did I calculate this right and are these numbers reasonable? Does it appear to be a good deal and return?
First time buying a property, what do you guys think? Thanks!