Help with 1st rental investment

[Steve G.]

Hey Guys,

I am looking to purchase my 1st rental property locally here in Austin, TX. I have been putting offers in on lower priced/newer SFH's and am finally under contract after about 20 offers.

House is 170k and I am putting 20% down. Comps in the area are renting for 1300-1400 so I would be about $350 positive cash flow per month (including taxes/insurance but not not other expenses)

My only concern is if I am I utilizing my down payment to the best of it's ability? I know a lot of you rehab but I do not have the time for such a project with a full time job. I know I can get a better deal (or maybe 2-3 cheaper ones) farther out am also a little nervous about buying my 1st property far from home.

I am fortunate enough to have a decent job and can probably secure a similar down payment in a year from now but just want to make sure I start on the right path.

Thanks for your help