New investor- Townhomes

[Drew G.]

My wife and I are looking to buy our first investment property. I wanted to get the opinions of the experts.

An established builder in the area has built single family homes and town homes in a new neighborhood. They have many store fronts occupied with great restaurants, shops and there are only 3 townhomes left for sale. There are current investors renting the homes from 1400-1500 a month.

Purchase Price $160k Down payment 32000
Taxes=1,198
Insurance = 800
HOA = 720
Vacancy 3% = 546
Mortgage payment = 7200

I would have cash flow and a greater return on investment than a passive investment.
Should I consider this or find something else for my money.

Thank you!![b]