First rental property with a 3% conventional loan

[Joseph Pichardo]

Good evening all.

I’m wondering if this makes sense and if I’m looking at this the right way.

The property is a 3 family house priced at $210000

I will be putting 4% down.

With PMI and insurance the mortgage will be $1571.

Water and sewage will be $150 a month

and I will also pay $ 100/month for common electricity

The total rent roll is $2700/month

Which nets me $879/mo.

I’m very green when it comes to this. To me this looks like a good deal since will get my down payment and closing cost back in 2 years.

Am I approaching this the right way?. Is there anything else I need to be considering ?