My first offer-NEED ADVICE please

[Cliff C.]

Hi!

I am getting ready to put my first offer down and wanted to get some advice.  This is a house in Huntsville, AL that's in good shape.  I would appreciate any feedback!  I feel my numbers are pretty solid.  My goal is to start paying these type of houses off quickly so that my cash flow increases faster. 

Also, I thought that I heard on a podcast that there was a particular forum to post questions requesting advice on deals.  Is this the correct place?

Thanks for your help!  I am ready to take action and excited get my business going!

Purchase Price:	$58,000.00
Purchase Closing Costs:	$3,500.00
Estimated Repairs:	$1,000.00
Total Project Cost:	$62,500.00
After Repair Value:	$58,000.00
Down Payment:	$11,600.00
Loan Amount:	$46,400.00
Loan Points:	$0.00
Loan Fees:
Amortized Over:	30 years
Loan Interest Rate:	4.00%
Monthly P&I:	$221.52
Total Cash Needed	$16,100.00
Monthly Income:	Monthly Expenses:	Monthly Cashflow:	Pro Forma Cap Rate:
$700.00	$536.69	$163.31	7.96%
NOI:	Total Cash Needed:	Cash on Cash ROI:	Purchase Cap Rate:
$4,618.00	$16,100.00	12.17%	7.96%
50% Rule
Total operating expenses:	$315.17
Mortgage expenses:	$221.52
Vacancy:	$56.00	Repairs:	$35.00
CapEx:	$35.00	Insurance:	$35.00
Management:	$70.00	P&I:	$221.52
Property Taxes:	$84.17