First Investment Property - Should I Jump?

[Grace O'Rourke]

Hi - I'm seeking advise from those of you who've done this before.  This would be our first income property.  It is in my college town and we would rent to students which I am okay with. Paying 182k for the home, rent is 2k a month conservatively.  We would get someone to manage and lease it for 10% of the rental price.  It falls at 1.2% for the purchace price to rent ratio, and my income to expenses (without morgage) is 34.5%.

The house has been recently remodeled with a new roof, new HVAC, new windows, new siding. Haven't had an inspection yet.

Would you do this deal?  I plan on hanging onto it for a long time.  I live in San Francisco and am not familiar with other cities besides my college town.  I unfortunately can't afford anything in the cities I know (LA and SF).

Advise is MUCH appreciated :)

Best,

Gracie

[Thomas S.]

Every thing aside from your expenses looks OK. Long term you will be in the 45% range on expences if everything goes well.