First Time Investor Looking for Advice
I am looking for advice on a potential first time investment property. I am located in the Los Angeles, CA area.
The property that I am looking at is a duplex (zoned for three units - third unit could be built in the future), with the main unit (4 bedrooms, 2 baths) currently owner occupied and a separate detached unit (2 bedrooms, 1 bath) currently renting for 1300/mo.
The property price is $375,000 (will place $75,000 or 20% down)
Mortgage with taxes: $1,837
Current stated operating expenses (excluding tax): $280/mo
The front unit should rent for between $1700 - 1800/mo
Total projected monthly rent - $3100
Total projected monthly expenses - ($2120)
Total monthly cash flow - $980
Am I missing anything in my calculations? What sort of additional due dilligence should I perform?
Also, these properties are subject to Los Angeles rent control should that make me wary of this property?
Thank you for your help in advance.