Advice on purchase single family rental

[Brittany Wasmus]

Hello, I'm a newer investor and currently in contract on a single family home investment property. It was FSBO $189k, seller agreed to $183k. 20% down 30 year mortgage at 3.5%. ~$40k cash to close. Rent will be $1400 and home is ready to rent upon closing. Monthly payment is $940 total with taxes, P&I. This is a 3 bedroom 1 bath home a few minutes from my own home. Appraisal isn't in yet but I believe it will appraise around $200k. Does this seem like a wise investment?

[David K.]

The numbers you provided say it seems to be a good deal, depending on what your priorities are. 

So why are you asking? AND....where are you getting the rent number? If any of your math is off at all, this isn't a good deal.