Does this exist- 150k single family renting for $1100 per month?

[Bruce Faulk]

Hello BP,

Thank you for the great information and sharing here. As a newbie, I really appreciate the advice. 

I have been looking to buy here in New York City where I live and am hitting the wall. I think a better use of my capital to get started in real estate is to keep renting (we have a great deal in an apt we love) and buy an investment property. Here’s my math; please let me know if I am calculating right and if the deal I am envisioning exists anywhere in the continental US. Thanks very much. 

I have 30k cash

I can build it to maybe 50k in the next 6 months. 
I have 800+ credit

I am thinking to buy a 150k B class property, putting the 50K down

That makes a mortgage of 100k

At today’s rate of 6.28% that is mortgage of $850

Taxes, insurance & 8% property management per month is roughly $1100

Is there a market where this investment would break even, much less cash flow and with good property management?

Thank you!

[Joseph Crunkilton]

@Bruce Faulk Absolutely. Check out @Zach Lemaster and some of the deals his team are putting together. They work in markets where the 1% rule applies and can help you get a deal put together.