Need help analyzing my first rental property purchase!

[Will Gissendanner]

Hey everyone, I am looking to buy my first rental property, I have found a property and have run some rough numbers on it and it seems to be a sound investment. However, with this being my first deal, I wanted to get some opinions and advice on the property. It is located in North Charleston, SC. It is a single family, 3bed/1bath, 1,000 sq. ft. home in a quite neighborhood with other single-family homes. The property has recently been remodeled and updated with brand new cabinets, stainless appliances, and upgraded quartz counters with 3/4'' oak floors throughout! There is a fenced in yard, with a deck and storage shed out back. The asking price is $225,000, however, my realtor thinks we can get the property for $210,000. I think it will rent in the ballpark of $1,500/month, maybe more. Property taxes are $1,496 a year. From what I can tell it is a safe, low risk first investment property that is turn key and ready to move renters in. There are not many homes fro sale in the Charleston area for this price point, and those that are, are typically located in rougher neighborhoods. Please give me some feedback and give me your opinions on this! Thanks guys!

[Charlie Tunstall]

Will, a thought to consider...if this is a long term buy/hold asset and you intend to grow your portfolio, I would borrow the max you can at these low rates and keep the balance of your cash as fresh powder for the next opportunity. I think locking in the current mortgage rates for 20-30 years is money!!