First Rental Deal: What am I missing?
I'm in the Atlanta market looking for a rental deal.
I found a condominium for $98,000.
If I can get away with 5% down, 30 year fixed, interest rate at 4.461% and including $800 yearly home insurance, taxes, PMI and etc, my monthly mortgage is approximately $674.
It'll be $633 if 10%
Rent estimate is around $1,000 a month
I'll have them pay for all the bills.
1) If I buy this, can I the bills under their name or do I have to monthly send them the bills and tell them to pay it?
2) I know there might be HOA fees?
3) I'll my due diligence in terms of getting an inspection and making sure everything is up to par but what am I missing? Why isn't this is a good deal considering I'll add the HOA fees into their rent and so let's say the HOA fees are $200 a month, I'll ask for $1,200 a month.
Any criticism will be great.
Thank you :)