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Updated over 7 years ago,

User Stats

12
Posts
1
Votes
Rodney Swindle
  • Booneville, MS
1
Votes |
12
Posts

Is this a good deal?

Rodney Swindle
  • Booneville, MS
Posted

Hi! I've been studying on BP for awhile now, and I have my eyes set on a 4br 2ba 2000sqft SFH in northeast MS (close to where I live). Here are the ideal numbers/worst case scenario.

List price: 45000

Buy: 40000/45000

DP:1400/1575

Rehab: 2500/5000

After repair Value: 50000

Purchase cost: Inspection-280. Appraisal-300. Closing cost-3% total loan T=1780 

Gross rent:1200/800/m

Expense: Tax-1462/y. Property Management-10%. Maintenance-10%. Cap Ex-10%. Vacancy-10%. T=470/354

Cash: 5680/8505

NOI: 610/366

Mortgage: 207/233

Cash flow:403/133

Cap rate:18.3%/9.8

CoC: 85.1%/18.7%

ROI: 195%/3.1%

Any corrections in my math would be highly appreciated or some tips from anyone with experience in this area. Is there anything I'm missing? Would you be confident buying this home?

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