First Property - Running through the numbers

[Matt Cooper]

Hi BiggerPockets!

I am looking to buy my first investment property. It is a one bedroom condo in Kelowna, British Columbia.

I plan to purchase at $180k, put $36 000 (20%) down and amortize over 30 years. I have run through the numbers but want to see if I am missing anything.

Here are the annual numbers

Rent Revenue = $15 600

Mortgage = $7 800

Condo fees = $1 800

Vacancy (8.33%) = $1 300

Utilities = $1 200

Property tax = $1 000

Repairs = $1 000

Net Income = $1 500

Let me know what you guys think!

Thanks in advance.