Good First Investment Property? 9% CAP Rate w/ Pic

[Brendan M Hornung]

Hello all,

Not sure if this is the right thread for deal analysis. I am looking to start my real estate career and buy my first property. I am currently looking at a home in Texas (I live in California) and want to start creating some cash flow. Let's get to it!

The property is a renovated turnkey tenant-occupied duplex with a 9+% CAP offered at $214,900. The total rent is $2100 per month. All CapEx is completed and it is leased until July 2022. There is a main home and an ADU above the garage in the back. Unit 1 ($1500 per month) is a 3/2 1800 sq ft house with everything renovated and looks extremely nice indoors. Unit 2 ($600 per month) is a 600 sq ft apartment that could use some work e.g. older roof and HVAC, but no immediate maintenance/repairs needed. Each unit is on separate meters and tenants pay all bills/utilities/lawn on their own. No HOA. Could have a property management team for 6%.

Thank you! Excited for my first deal.