Rental deal or no deal
Hello folks
This will be my first deal! Still learning a lot of concepts, ratios, etc. This fits in 1% rule but not 100% confident. Here are the details:
3Bd/ 2 bath SF house in a community close to businesses and malls. Looking to hold for about 5 yrs.
Purchase price - $61,000 (Market value about $82,000)
Initial investment - $4,000 (paint/ repairs/ appliances)
Rent - $825/ month (based on recent comparable rentals)
Taxes/ insurance - $133/ month
Property Mgmt - $82.5/ month
Paying cash and will re-fi in 6 months.
Thanks
Hemant