Could be a good deal? Math Game!!

[Damian Bornes]

Dear all,

I´m looking for my first deal, I mean a 3bed house around 80m2 in south Spain (El Puerto de Santa María) where i live, 40.000€-70.000€. I would like buy and hold for rent, and the numbers are:

Purchase Price: 59.900€

ARV: 70.000€

Closing cost: 8.000€

Rehab: 2.000€

Annual Taxes: 480€

Down Payment: 30%

Loan Interest: 2.6%

Years: 30

Gross Monthly Rent: 450€

Monthly Insurance: 65€

Other Monthly Exp.: 20

Vacancy: 5%

Rep. And Maintenance 5%

Cap. Ex.: 5%

TOTAL: CASH FLOW= 90€ ROI =7.73%

As I looking for at least 100€ Cash Flow or ROI=10%, I will offer 55.000€, that means Cash Flow= 103€ and ROI= 8.31%

All your comments are wellcome!!

Thanks in advance for your help