@Warren Byington First rental that won't have repairs and capex. Vacancy of 1 month out of 20 seems a little low. I use 8%. For repairs I use 5% and capex 10%. Let's look at floor capex. let's say it has 1500 sf of flooring new today. Life span is 8 years. In my area it is $6 sf to replace with new lvp. 1500*$6=$9000/8/12 months in a year= $94 per month. Need to budget for roof 25 rear life span, appliances 12 year life span, painting 3 year life span, hvac 20 year life span, etc. Rerun your numbers this looks more like a flip than a buy and hold.
Thanks Tim. I’ll keep making adjustments and looking at this.