Anyone Willing to Check My Math?

[Nathan Loomis]

My wife and I are new investors and we've been reading books and listening to podcasts here, but it seems like a lot of the deals that are mentioned are for less expensive markets.  Where I live it is exceedingly rare to see properties below $150k that aren't in "war zones" (or at least the closest thing we have).

We have the cash but haven't bought a BRRRR yet and want to know if our math looks correct as far as buying the following bank owned property. The plan is to do our own management (one of my mentors is a professional property manager).

List Price: $165k

Assumed Purchase Price: $150k

Neighborhood sale comps: $~240k

Maintenance and Cap Ex: 3.5% each

The idea would be to then season the loan and finance at 80% of market, which based on comps is ~$240k.  That looks like this:

So, are we forgetting anything or do our numbers look correct?

Nathan