Put in an offer on my first rental property!

[Ryan Kawash]

Hey guys!  just wanted to share my experience and numbers on a property I looked at and put an offer today..

So I live in the Hudson Valley in NY, and have been looking for multi-family homes to buy to rent out. I live 20 min away from "America's #1 resort residential community" quoted by them.. and stumbled across a 1 bedroom 1 bathroom single family home. Beautifully renovated. I mean not one dollar needs to go into this property to make it look nice. Listed for 89,900, I offered 80,000 knowing that someone has already put in an offer before me. With what I expect to get with rent, and HOA dues, and taxes, insurance etc... my Cash on Cash return is 17.91 percent. Bringing in $223.83 every month, this is with a 5% vacancy as well. I have one question.. How important is the 2% rule? The bigger pockets calculator is saying 1.29%