Members coming on here using fake aliases is B/S.

The folks that are on the ground know.

Rent: $1400, HOA: $300, Insurance/Tax: $144, Net Monthly: $956, Net Yearly: $11,472, ROI: $11,472 / $106,000 = 10.8%Potential Condo #2: $115,000 purchase price, Rent: 1400, HOA: $260, Insurance/Tax: $150DSCR Cash Out Refi on Condo #1: LTV 75%, $86,000 Loan Amount, 30 yr fixed, 7.5% rate, Monthly Payment: Around $650, Closing Costs: Around 8-10k, Total Cash Left: $76,000Condo #1 After Refi: Money Left In: $28,750, Monthly Net w/ Payment: $306, ROI: $3600 / $28,750 = 12.5%Cash In Hand: $76,000DSCR Loan on Condo #2: $115,000 purchase price, 25% down: $28,750, after fees estimating $35,000 All In, $1400 Rent, $260 HOA, $150 Insurance/Tax, $650 Monthly Payment, Net Monthly: $330, Net Yearly $3960, ROI: $3960 / $35,000 = 11.3%RESULT: Total Monthly Costs: $2160, Total Monthly Net: $630 ish, Yearly Net: $7,560, Total Cash Invested $65,000, Yearly ROI: 11.6% CASH LEFT OVER: $41,000Could put the cash into a third condo or put into the S&P 500.Looking for some guidance on whether or not I should pull the trigger for some context:19 years old college student studying engineering (heavy courseload)Living in Chicago, Condos are in Ohio (I have family and friends out there)I work part time at a high end hibachi restaurant averaging $25-$30 an hour.My rent + utilities with roommates is $750 with room mates.The numbers work out, my main concern is whether or not Ill deal with large vacancy within the next 5 years, or a recession, and I have to cover the monthly costs on my own ($2,160) which is a lot and not sure if I would be able to keep that up for a long time if I am not working full time in the industry.

I will have to put that on my schedule to look into.

It is a community fo 12 (3 different floor plans) on the same block.

Tenants intend to sign a Lease Agreement specifying the terms and conditions of this rental on ___________________________________.

I worked with a large developer in Charlotte and know who he used, but it would depend on who you are trying to lease to specifically. 

Quote from @Dylan Zachry: Hey just joined looking for advice and help on getting started on my first rentalHey @Dylan Zachry, welcome to the BP Forum!

I'd love to jump on a call with you to talk about how we can best tailor your strategy for the Ann Arbor rental market. 

Experience depends on who you deal with - the cleaner the loan file and more organized your paperwork the smoother the process with any private lender.