Model Home Leaseback Opportunity near Washington DC...Good Deal?

[Rhonda Harrison]

Hello-

I own one rental home in Maryland just outside DC. I lived in this home for 11 years. I have a current deal I'm considering that doesn't meet most minimum requirements for CAP rate, Cash on cash return, etc that I see on the forums. Here are the specifics:

- $369 Selling price (new construction), $15% down payment, $12k closing costs, $2700 Monthly rent back (the reputable home builder will rent from me until the community is finished in 4 years, maybe sooner.), no repair costs, no renovation costs, no prop mgmt fees, etc. 

I haven't signed the contract yet so some of these numbers are subject to change. Has anyone ever done a Modelhome leaseback? What numbers do you typically look at to determine if this is a "good deal"? 

I am a newbee so all thoughts/ ideas are welcome.