First Offer Accepted

[Lauren C.]

Hi BP! 

I've been a member for a couple of years now and have been reading, researching and learning as much as possible about RE investing. I haven't been activity looking for properties to buy but last week while I was analyzing properties for practice, I found one in my area that seemed to work numbers wise. I looked at it, liked it, made an offer and they accepted! I'm currently in attorney review and am super excited yet scared as hell about the coming journey. 

I want to share with the BP community and make it official! 

It's a up/down duplex in South Jersey that I'm getting for $101,000. It is not currently occupied and needs a lot of work. I'm thinking (hoping) $25,000 rehab.

It has 2 x 1-bedroom 1-bath units

Projected rent- $1100-$1200/unit = $2200-$2400 total

Taxes $5,300

Putting 20% down

According to the BP Rental Property Calculator, after deducting expenses, and accounting for vacancy, CapEx, PM (I'll manage myself first but budgeted for it anyway,) repairs, etc.I'm looking at between $395-$595 cashflow per month with a 9.5% Cash on Cash ROI

What do you guys think? Good deal for my first property?