Looking at my first rental property! Check my numbers? :)

[Jordan Wolfe]

Hello all, first off thank you for taking the time to read this post...

I believe I have found my first viable rental property and I was hoping that some of the more seasoned rental gurus would be able to take a look at the numbers and let me know if everything looks in order. To me everything looks like it will provide a good return on my rental property. This is a condo unit. Please see the numbers below...

Property is a 2 bedroom, 2 full bathroom condo unit. The unit includes a balcony and an in unit washer / dryer.

Assumed Value After Capitol Improvements: $125,000

Percent Down: 25% (Currently What My Lender Is Requesting) $31,250

Interest Rate: 3.5%

Rental Term: 30 Years

Buying Costs: 1%

Rental Rate: $1,500 ($750 Per Renter) - Includes Garage Parking, Washer / Dryer In Unit

Cap Rate: 14.40%

Vacancy: 8% Annually

Rent Increases: 2% Annually

Property Management: 6% (I plan to do most of the property management)

Maintenance: 1%

Move In / Move Out Costs: $2,000 (This is per vacancy change)

Mortgage Payment: $979 / Month

HOA: $317 (Includes - CAM, Lawn Care, Master Insurance Policy {does this mean I don't need additional insurance?}, Snow Removal)

After All Expenses for the first year I expect to pull in an average of $1,380 / Month Gross and about $401 / Month Net (after mortgage payment). Does this sound reasonable?

What about the fact that utilities are not included? 

I have a similar property for about the same price (Includes Two Parking Spots) but the HOA fee is $702 / Month (CAM, Exterior Building Maintenance, Heat, Lawn Care, Management, Master Insurance Policy, Reserve Funds, Sewer, Snow Removal, Trash Removal, Water) - Is this HOA fee too expensive even though it includes all those amenities?

*Land Value Is Included In Property

Please let me know what you all think and if I missed any details let me know and I can surely add them.

Thanks!

Jordan.