Under contract on my second property, looking for opinions.
The property was originally listed as 430K and sat on the market for 35 days with a couple price reductions down to 375K. We placed an offer of 360K and it was accepted. The home is in a decent area which is East Mesa if your familiar with the Phoenix market. I know prices are dropping and I'm second guessing whether I built in enough equity. I'm putting 5% down so I should have a balance of 342K. I'm taking a rate at 5.75% with no buy down and my concern is that I will have lost too much equity to refinance the property when rates eventually drop.
I found two recently closed identical comps and they sold for 440K 04/01/2022 and the other for 420K on 06/01/2022. This purchase would be my first step towards investing in property since I will be retaining and renting out my first home so I'm a little anxious about it all. I feel that I'm getting a decent discount on the property to pad my equity, but what are your thoughts?
Thanks in advance!