Rental Property - Yes or No

[Christopher Bell]

Hey all!

Long time lurker and prospective/active investor.

I've always wanted to get into rental real estate. Always been a passion of mine. I recently just flipped my first home and learned a TON!

Anyway, my question here is if you guys would/would not pull the trigger on this home.

I've got this:

Acquisition cost:       $105,000

Renovation Cost:      $12,000

ARV: $140,000

Vacancy Rate:                  5%

Expenses:                   $655

I would be looking to acquire the property cash and then refinance when repairs are completed. Does anyone have any input of if this seems like a good investment? Again, this would be my first property I'm looking to purchase and rent out. I'm sure there is a ton that I'm missing so is there anything you would yield advice wise? A lot of the calculators I'm plugging numbers into show about a 7% Cap Rate and exceeds the 1% rule I've read about.

Any advice is welcomed and appreciated. Expenses are listed below.

Expenses are: Tax $325, Insurance $50, Maintenance: $100, HOA: 180 so $655/mo