[Calc Review] Help me analyze this deal - ready to put an offer
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This will be my first rental unit.
This is a REO and crazily this is a move-in ready 2 bd/2ba condo. The condo fees are high $350 but it should offset most of the capex cost.
Rentals in this area go for around 1600 - 1800.
Based on my numbers with 20% down conventional loan it will cash flow around 160 - 175 per month.
Because this is not a BRRR approach it does not make sense to use private lender or does it?
Should I make an attempt?
Most Popular Reply
@Everest Jordan Your vacancy seems a little low to me. I always try to have at least one months of vacancy each year, which would be more like $140/month instead of $68. Your repairs may be a little low too - while it is a condo, I know I've definitely had some expensive repairs in my condos, however, it depends on the specific property. The interest rate you're using may also be low - it will likely be hard to find a rate below 4% on a rental property. Just some things to think about!