First rental property

[De'Anton Gipson]

I'm 21, and wanting to get in the real estate world here in middle tn. I found a nice condo off of a well known lake, 2bd, 1.5 baths, 2 living rooms. With all expenses accounted for at 900 and considering I would charge 1200-1250 for rent. Would that be a nice profit a month or pass on the deal?

[G. Brian Davis]

In addition to PITI, mortgage insurance, and HOA/condo fees (if any), plan on maintenance costs, repairs and capital expenditures, a vacancy rate, property management fees and a few hundred dollars a year in extra accounting costs.