My NEW rental Property I am buying

[Justin Escajeda]

Hello everyone, I am hoping to get some feed back on a rental property I am about to purchase.

Purchase price: $7,000.00

Taxes: $975

Repairs: $28-$35k (depending on how much work I personally do, it could be substantially less)

Rents: $800-$900 / month

I am not going to lie, this is not in a highly desired part of town. However, This town (Washington PA just south of Pittsburgh) is flooded with gas, oil, and shale mining workers from out of state. I have 2 rentals in this area (1 of which is on the same street.

This would be the first time I would be paying cash for everything. I am wondering how to use certain rules (such as 50%) to know if this is a good deal. Any insight or help I'd great appreciate! Thanks, Happy New Year!