Low income rental properties.
I am trying to find a good rental in my area and I keep analyzing deals, but the rents in my are for the houses I can afford right now all rent pretty low 600-750. I can't seem to get my expresses low enough for any of them to cash flow. Am I missing something? Ex) 50,000 purchase + rehab 20-30k. ARV 100-110K. Rental income=700,Monthly Expenses= P&I $331, TAXES $25, INS $65, VACANCY @ 10% IS $65, REPAIRS @ 5-10% AROUND $50, IF MANAGED @ 10% IS $65 = $601 THATS 99 DOLLARS IN CASH FLOW AND I'M SURE I'M EVEN MISSING SOMETHING ON EXPENSES. This seems to be the case in every property I analyze no matter what I pay for it. How or what do you guys suggest to get rents up in an area that doesn't see many rents over 700 for these types of houses or get expenses lower? Thanks for the Help!!!