Condo Numbers For Houston

[Douglas Delgado]

Hi,

I did the following numbers for  potential deal in Houston. Can anyone take a look and let me know what I missed or did wrong? I got the spreadsheet from the rich dad website.

PROPERTY INFO
Address
Type	Condo
Bedrooms/Baths	2/2
Square Feet	922.9
Year Built	1977
Parcel #
INCOME	Month	Year	Per sq. ft.		Total Insurance Estimate	$ 262.50
Current rent	$ 800.00	$ 9,600.00	$ 10.40				$ 21.88
Less: vacancy allowance - 10%	$ 40.00	$ 480.00
Net Rental Income	$ 760.00	$ 9,120.00		Property Taxes	2.5264%	$ 505.28
Plus: Other Income	$ -	$ -
Total Income	$ 760.00	$ 9,120.00	$ 9.88
EXPENSES
Property Management	$ -	$ -
Repairs & Maintenance	$ 100.00	$ 1,200.00
HOA	$ 250.00	$ 3,000.00
Advertising & Legal
Insurance	$ 167.00	$ 2,004.00	$ 2.17
Total Expenses	$ 517.00	$ 6,204.00	$ 6.72
Net Operating Income (NOI)	$ 243.00	$ 2,916.00
Less Debt Service (PI)	$155.06	$ 1,860.72	$ 2.02
Less Property Taxes	$ 42.11	$ -
Net Cashflow	$ 45.83	$ 1,055.28
Operating Expense Ratio	68.0%	(Total Expenses/Total Income)
MORTGAGE INFO
Total Loan Amount	$ 20,000
Type of Loan	Seller Financed
Term (Months)	240
Interest Rate	.07
Down Payment	$ 2,000	10.00%
Monthly Payment (PITI)	$155.06
Purchase Price	$ 75,000
Closing costs	$ 3,000
Rehab	$ 7,000
Total initial investment	$ 85,000
LTV	27%	Loan Amount/Purchase Price
Cap Rate	4%	Annual NOI/Price
Cash-on-Cash Return	146%	Annual before-tax cash flow (i.e., NOI)/Down payment