Good Deal? Located in Western CT
Hi everyone, I would like some advice on a deal. I am 23 years old and I have been holding off my first investment property, but I think now is the time to jump in.The property I am looking at is located in CT, priced at $229,900.It is a 3 bedroom townhome. My plan is to live in it for a year with two others. While living there, I would "rent" it from myself. Then rent it out to others, seeing it's in good proximity to a hospital, to travel nurses or small families. The estimated monthly payment is $1828/mo. (I have attached the zillow estimation). My plan is to use an FHA loan at 3.5%. Assuming a 1.5% of the purchase price for closing costs, my total at closing is $11,494. I am doing a 30 year fixed, assuming a rate of 3.235%. (I am also going to run this through the BP calculator, I am having some loading issues at the moment. I will also be reviewing my rental investing book by BT)Is this a good first investment property? If not, what would make this deal more profitable? Thank you
