Vero Beach, FL 4br 2ba - first potential deal analysis
Hello! Newbie here looking to verify a sample deal. I don't actually intend to immediately action on this until I do MUCH more homework in the area. I am looking to remotely invest in rental property near Vero Beach, FL. I have visited there for two weeks on another business venture and at least know a few areas to avoid. There are several of the similar properties in the area I was looking so I ran a sample analysis:
4br / 2ba 1300 sqft SFH built in 95' / roof, exterior, grounds in good condition
List price: 150K (higher than surround units/comps on same street by 10-15%)
$10K in assumed repairs (yet to ask for interior photos)
$5K in closing costs
160k w/ 20% down + 4% interest rate is $572/mo
rentometer average is $1686 for 4br 1.5+, and about the same for 3br too.
Calculations below:
So, what am I doing wrong on analysis besides verifying interior condition? And yes, I am assuming lower rent, $10K in unverified repairs, and paying full price with zero concessions