First property #'s

[Ramzey Farsijany]

Single family 2Bed 1 Bath

Rent 725 Month

Taxes 120M

Water Bill 50

Property management fee 10% 80 M  ( Rounded to make it easier) 

Expenses = 250 Month

Sales prices 40K

Offer- $30,000 40% down. 18K Owner financing for 5 years for $350 month

That puts us at 725 Rent - 600 expenses = 125 monthly net gain

Now property management I found someone who would do 5% on the rent.

I can raise the rent after winter to $800 which seems very possible. And have the tenants pay for the water bill every month. 

New #'s after changes 

Rent +75 month - 50 water bill - 40M from new management fee being (5%). 

165+ more dollars a month new monthly net gain = $290 month x 12 months = $3480 Year 

Property can be paid off in 2-3 years from by just throwing the profit in the principal. 

Now this is my first property it is owner financing is this deal worth it ? Property is in good shape. I'm thinking about long term on my next deal I'll most likely go with conventional which would be a triplex or quad.