Assumable Mortgage Deal

[Andrew Zannotti]

Hello All,

I'm working on making my first investment purchase and I'm looking for any insight on anything I might be missing or need to think about. I've found someone that is looking for someone to assume their mortgage for a duplex in the military town I am stationed in. I realize that it may not necessarily cash-flow much (Texas state taxes) but I figure it will be a good first deal to begin learning the business with a minimal upfront investment with it being an assumable loan. Any suggestions and guidance would be greatly appreciated. 

Address	Killeen TX	Duplex built in 2015.
Property Valuation	$145,000.00
Offer for Property	$139,000.00
Mortgage Payment	$890.00	Includes Mortgage+Taxes+Insurance
Taxes	$0.00	Factored into line above already
Rent	$1,375.00	Currently Rented a 650 & 725
Property Management	$0.00	10% Tenant Renting at 650 is Property Manager
Capital Expenditures	$68.75	5% Built in 2015
Repairs and Maintenance	$68.75	5% Built in 2016
Vacancy Rate	$137.50	10% Assumption
Cash Flow	$210.00
Notes
Assumable Mortgage with buyer responsible for transfer fee and VA funding fee, Tenant Renting at 650 is current property manager if not other rent will be $725.
VA Funding Fee	$2,988.50
Title Transfer Fee	$250.00
Total Out of Pocket Costs	$3,238.50

V/R

Andrew Zannotti