First Investment property

[Christopher Albert]

We're looking for outside views of our deal.

We are under contract for a house in Hollywood, Florida. We purchased for $350,000. It's a 2 bed/1bath in the main house, with an in-law studio attached. Central AC, with a laundry room in the main house. The in law suite has a kitchenette (hot plate, sink, fridge, no more). Water tank was replaced with tankless heater March 2020.

House inspection yesterday showed the roof has 3 years before needing to be replaced. The story is when it has needed repairs, it's been maintained. The main roof was just repaired by the seller after we put in the offer, bc since we are using VA loan, she wanted it to be able to pass inspection. (She picked our offer bc my fiancé is a veteran.) The roof is held on with clips, which the inspector had to dig for due to the spray insulation in the attic. The addition is a flat roof.

The only other major thing the inspector found was cloth insulation. When he had the AC running, all the lights on, and when he turned the oven on, the house lost power for a few seconds.

The house in a good neighborhood, and its growing. People are coming to the area because Miami is getting too expensive. It's on a huge lot, that already has basic landscaping. The big thing is maintaining and replacing the roof within the next 3 years. The quote the seller obtained was $3,500-5,000 for the flat roof, and $13,500-15,000 for the main roof. We are waiting for official quotes from an insurance agent once the report is generated.

We will live in the in-law suite. Once we move out, it will most likely rent for $950. The market right now for the main house is $1,650-$1,800.

I've included a snapshot of our excel sheet to analyze it. We're on the VA mortgage (green)