Sanity check on my first SF Offer

[Cel Arrington]

Hey BP community.  I spent the holidays cramming real estate books, including multiple BP published books.  I spent the better part of the last 2 weeks analyzing deals, and just made my first offer tonight.  I was hoping to get a few eyeballs on it to point out any obvious mistakes I might have made with the analysis, mostly for the learning experience.  Details:

• House
  • 59,900 asking
  • 53,500 offered, seller pays 5k closing costs
  • 20% down (10.7), 4k in repairs, so 14.7 cash to close
  • Tax assessed at 73k
• Income:
  • I know this house rented at 950 previously.  I have insight into previous owner, so fairly lucky on that front.  It was section 8. 
• Expenses: Total $716.11
  • mortgage 240
  • taxes 75
  • insurance 70
  • vacancy 40
  • repairs 75
  • CapEx 141.22
  • property management 75 (doing it myself, just future proofing)

My goal was to find a property that provided $200/mo cashflow and at least 10% CoCROI. I'd be happy to provide more details on how I came up with the CapEx numbers, but I was pretty thorough on all the big ticket stuff and what the costs are for this house in my area (father in law is a contractor), so I'm fairly confident in that one.

Any tips for improving this?  Warnings?  Awards?  

Thanks!

[Jason Davis]

@Cel Arrington Congrats on getting the first deal under your belt and good luck with the deals this year.