So excite! I think this might be a decent deal for first rental
Condo in a good area, surrounded by nice homes.
55k house, ( buy at 50k, finance 40k) $191 PI, $46 Taxes. Insurance paid by HOA.
135 hoa, 68 management.68 vacancies, 68 for repairs. 680 rent,
191
46
135
68
68
68
-------
576
-680
104 cash flow
3540 per year cash flow if I pay cash. 7% ROI
If mortgage- 40k @4%, with a down payment of 10k
ROR on 10k in the form of principal for first year is 6.4% increasing about a percent each year for the duration of the 30 year loan. adding a 1% for the $100 cash flow.
would this be ok to get my feet wet?
Thank you!