First REI opportunity. Running numbers

[Mason Klein]

I live in Denver and have been interested in REI for a while now. Listened to countless podcasts and reading forums. Denver unfortunately is VERY expensive and have even search Colorado Springs but nothing is close to the 1% rule. I have a network in Fort Worth/Dallas area and have been looking there at much more feasible opportunities. I am not that interested in the BRRRR now since its out of state and do not want to do that as my first venture. I found a place in Burleson and was wondering if that was a good area for rentals and if my proposed rent is around the going market rate there. I will not be using a property manager. My question is if anyone has experience renting in the Burleson area.

House: ~1300 sq feet, 3BD/2BA, completely re-done.
Loan Amount: $131,250

Mortgage (Principle, Interest, Taxes, Insurance): $1,115
Vacancy, Repair, Etc: $100
Total Expenses: $1,215
Proposed Rent: $1,600

Cash Flow: $385
Cap Rate: ~%10

[Gretchen P.]

We typically add 5% for Repairs, 5% for Capex and 2% miscellaneous, as well as figure 5% vacancy, but our total rent is higher. It costs about the same to reroof a 1200' house in most markets, or to replace a dishwasher so that percentage can be dependent on how much the rents are. You will need a property manager if you are out of state.