Mortgage on a Condo investment - Question

[Sid K.]

Hi Guys - I have been investing in cash deals(BRRRR) over the past few years and have got to around 10 doors. I have a potential condo I am looking to invest in and think given the low rates, may make sense to go ahead with a mortgage . The property price is $185k and I intend to put 25% down and take out a 30 year mortgage. Credit Score is stellar ( 800+)

I have worked with a few lenders and the best deal I am getting is 3.25% for a 30 year fixed , no origination or lender fees , $500 appraisal and $1200 credit at closing . I was wondering what you think about this mortgage, you think this is fair , or do you think I can get better ?

Thanks.

[Sid K.]

@Alex Olson - Appreciate your thoughts! The condo is in central jersey . The rents are strong and this will be my third condo in the area. I agree there are some risks and also dilution in cashflow because of HOA , but these are class A areas with around 7-8% cap rates - so as a part of a broader portfolio, I felt comfortable with a 30% mix of such investments.

@Patricia Steiner - Thank you , I do feel it is a good finance deal , especially given that it is an investment property and a Condo. I am probably going to check 10/1 or 7/1 ARMS to see is the interest rates are better.