Analyzing A Potential Deal

[Nate Estelle]

Hi all! I'm analyzing the numbers of a SFR property I found on Trulia before I reach out to a real estate agent to look at the property. I have not done any deals yet but this one looks promising to me because the owner has a tenant in the property until September 2018 and the property only costs $10,000 so it seems like my risk is pretty low starting out. The city is one to which my wife and I plan on moving in the next year, and one where I currently work, so we would not need to pay property management fees for at least this first year.

I have a few questions for you pros on here:

1) When investing, should I purchase with a 15, 20 or 30 year mortgage? The 30 year option yields me about the $100/mo net, but I prefer a 15 year mortgage to pay off sooner. Cash flow, though, is my primary objective.

2) I've attaches some photos of the income/expense sheets. Could someone look these over and correct me if I made any errors?

3) Do I need to account for replacement reserve if I have accounted for repairs and CAPEX already?

4) I don't have an exact number yet on how much insurance would cost annually, but that's an estimate based on some other properties in the area I know of.

Thank you so much in advance!