First Property Advice

[Jonathan Kennon]

Hello all, 

So I live in Tampa, Fl and I’m looking at my first property. 2/2 Condo in Boynton Beach.
Here’s the numbers: 

Purchase-106,000
Dwnpymt-20% 21,100
Financed-85,000
Mortgage-1090

Rent-1950 

Maintenance-5%, Vacancy-7%, Prop Mgmnt-10%| Annual Exp-6500

Annual cash flow-11,431 (annual) 

COC ROR-39%

Please provide feedback on these numbers of you can. Thanks to all who comment. 

[Patricia Steiner]

I want to start here with you: 

How many condos are available for rent in Boynton Beach (aka your competition)?

How many rentals are currently available in Boynton Beach (the larger competition base)?

Answers:  88 condos are listed for rent on Zillow and 228 rental properties are available - and that's now in the high season.

It's only a solid investment if it doesn't join the ranks of these unrented properties. HOA fees in that area are not cheap either and in some developments, rentals must be handled by the property office - who "loves all the owners the same" (not so great...).

I don't think the numbers are complete nor the story. Take another look at it.  Florida has a housing crisis with a lack of inventory and we're in high tourist season right now - yet that market has 88 unrented units. Start there...