Central Florida - Foreclosure deal?

[Endre Paulovics]

Good day everyone.

i am getting close to purchase my 2nd unit in Merritt Island. I am buying cheaper condos. 1/1 units about 700 square feet.

Purchase Price:

$44,900.00

Purchase Closing Costs:	$1,000.00
Estimated Repairs:	$5,000.00
Total Project Cost:	$50,900.00
After Repair Value:	$50,000.00

Monthly Income: $700.00	Monthly Expenses: $368.33	Monthly Cashflow: $331.67	Pro Forma Cap Rate: 7.82%
NOI: $3,980.00	Total Cash Needed: $50,900.00	Cash on Cash ROI: 7.82%	Purchase Cap Rate: 8.86%

How does that sound? 

I am doing my offer for 40K to get ROI higher. CASH on CASH goes up to 8,65%...

What do you think?

any comments appriciated. thx. 

Endre