Looking at my first property purchase and I'm analyzing this...

[Justin O'Malley]

Hola BP friends,

I'm attempting to put together my first home purchase. To preface this I am looking at an out of state property that is from my old college town. I currently live in Denver so I haven't been able to find any deals locally so I decided to look other places. The best deal I found in this area is an SFR and I was wondering if I could get some help analyzing numbers:

List Price: 122,500

Built in 1910 (new siding, windows, and flooring)

4 Bed/ 2 Bath

Comp rents: $1250-1400/mo from Rentometer (very dependent on the school year since the town is half students but growing rapidly)

Property Tax: $135 from Zillow

Insurance: $40 from Zillow

Property looks rent ready and I don't have much for a down payment or rehab. In this area all the houses are the same age and typically same level of finish. It is very close to the main bar district and walkable to campus, grocery, mall and everything this town has to offer.

I ran the numbers and included (capex=100, repairs=100, vacancy=80, management=100). With an FHA loan at 3.5% down I believe this would cashflow about $100/mo.

I'm looking at this as a buy and hold. I will hire property management since I live out of state. Any and all tips from everything to adjusting vacancy, capex, etc or that the house is too old and will have issues with led etc.

Thanks everyone!!!