First Live in Flip... Or rental?

[Steven White]

Hi everyone just wanted to post about my first live in investment property and see what you folks think about it. So it is a single family residence 4 bed 2.5 bath in a subdivision about 50% built out. The home was built in 2013 with an appraised value of 165k. I purchased back in November of 2017 for $141,000 on an FHA loan with 3.5% down payment after closing fees total amount financed was $138k. PITI is $900.69 per month on a 30 year fixed mortgage at 3.625% and POA fee of $300 per year. Located inside city limits within walking distance to shopping and restaurants. Located in Anderson SC. In this market a conservative rental amount would be around $1500/ per month. My plan is to possibly refinance out of the FHA loan to a conventional loan to be able to purchase my next property and rent this property or stay in this home the two years to avoid the capital gains tax and just outright sale. There is some updates that need to be taken care of like flooring and paint to get top value based on other sales in the neighborhood in the 170-175k range. So basically I'm not gonna get rich off this deal but I thought I would put it out here and get some feedback..