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Updated about 5 years ago,
My first rental-property investment. Feedback on analysis wanted!
Hello everyone, 26-year old newbie investor here in South FL.
Recently sold my first property and netted about $43k after 20 months of occupying it, so definitely a win in my eyes. Using about 50% of those funds to acquire my first rental property with FHA loan. It is considered a duplex/single family-detached multi unit property, the goal is first year to owner-occupy smaller unit then vacate after 12-18 months. It was a purchase & flip from an investor who acquired for $155k, price agreed upon was $270k. Larger unit is a 2/1 with about 800 sq ft, estimated rent $13-1500 while the smaller is a 1/1 with 550 sq ft, rent estimate $1-1200. Both units have been fully renovated with new appliances, tiled floor throughout, granite counter tops & freshly painted. So interior maintenance shall be non-existent to very low from the onset. It's a dead-end property in a quiet area, comes with about a .35 acre lot in the front, and has empty land w foliage to the side and back which can present future building opportunity. My only real necessary upfront costs would be washer/dryer as builder installed new shed w hookup in the back & some blinds/shades for windows/glass-sliding door.
Check out my monthly breakdown w pretty close estimates, let me know what you all think! Thanks!