First Rental Deal Evaluation

[Geoffrey Pritchett]

Hello Everyone,  I hope this is the correct place to post as I am new to the forum and have just been lurking around reading for the past year in hopes of learning all I can before pulling the trigger on a deal, so bear with me.  My current market is the area of Spartanburg, SC (potentially also Greenville, SC)

In short I am interested to hear some investor opinions on a buy and hold opportunity that has recently crossed my path.  I wanna see if I am missing anything before I close the deal.

location is Spartanburg, SC

price is $50,000

1200 sqft 3 bed 2 bath house with some minor updating. Looks very clean inside and outside is vinyl and could use a good pressure wash.

New Heat pump system.

leak in the roof is being repaired.

current tenant would like to stay and has a kid in the school district so long term is best for them.

$600 rent which would go up to $625 starting in January.

property tax was $400 in 2017 

Home owners insurance would likely less than $500 (basing that on my current home which is 3000 sq ft)

Credit union financing 10% down (about a $275 monthly payment) 

What I like about the property is that it seems to be in good shape and besides the roof leak and a/c system hasn't needed much maintenance which hopefully makes for a good first property.  Is there anything else you think I should consider?  Hopefully this leads me to making some connections in the upstate of SC as well.   Thanks in advance everyone!  

[Geoffrey Pritchett]

@Travis Bobo gotcha! I have just been lurking on the outside looking for an in.  My Father has i beleive 6 units in spartanburg that have treated him well.  

As an update i double checked the assesors website just now and the total assesed value for 2017 was $869 lol. That would account for the low tax bill. Its also odd for the condition of the house.