Looking for help on my first purchase

[Lokesh Patel]

Hi all,

Looking to make the first move on a rental property. A little hesitant in this market but would like to get a fresh look.

Property

list price $215k, 2br 2ba one story condo/apartment, 1200 sf, built in 1985. Needs about $10k-15k in work (wallpaper, appliances, clean up, etc.). I would say dated place since it hasn't been updated in 35 years. Expenses on the property total $850 (taxes, insurance, HOA which includes water, sewer, garbage, 5% for vacancy, and 8% maintenance). Mortgage of $800.

My estimated rent is about $1900, although rentometer says:

I'm getting a cap rate of 5.87% and ROI of 7.13%

Thanks in advance!