Property Analysis in Sarasota, FL

[Andrew Connor]

I'm 27 and live in Philadelphia, PA. I've been wanting and planning to begin my REI career by house hacking in the Tampa area, so I've been saving money for a down payment and researching the market and area.

However, an opportunity came up for a property in my hometown of Sarasota, FL. It's a 1/1 condo in a desirable area with a Zillow estimated rent of $1450. Asking price is 125k, but I may be able to get it a little lower as the current owners are family friends.

After running it through a calculator, it appears the deal would cash flow at $236/month and have an 12.6% CoC and 6.8% Cap rate.

As a little more background for me, I have good credit at 760+, and some money saved up, but not enough for a 15% down payment. Would likely have to borrow from family/friends or use credit to make up the difference.

I'm very serious about this opportunity and don't want to be paralyzed by fear/uncertainty.

Does this deal seem worth postponing house hacking plans?

Does anyone know of down payment assistant programs for investment properties?

Thanks,

Andrew