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Updated about 6 years ago on . Most recent reply

Account Closed
  • Rental Property Investor
  • Harrisburg, PA
20
Votes |
77
Posts

Please evaluate my numbers

Account Closed
  • Rental Property Investor
  • Harrisburg, PA
Posted

Hello All, I am a newbie in these forums and bought my 1st condo investment property in central Jersey. Lived in it for a year and then rented out.

Here are the numbers 

Its a 2br 2 ba 1100sqt condo with homeowners association. 

Incoming rent 1825

Operating expenses : 

1. property tax- 416.mo

2. home insurance(farmers) -37/mo

3.  Home warranty- 50/month (american home shield

4. HOA- 300/month

5. vacancy 5% - 90/month ( the property is in a high rental location, it got rented in a week.

6. Repairs 5% -90/month

7. Capex- not sure If I should allot for this ,as I am already paying american homeshield.

8.  Property management 6 % : 108/month

9. Principal + interest 821.15/mo

Total expenses come to 1912.15 $

As you can see, not much cash flow- infact going negative. 

Any comments on my situation. What can I modify to be in a better cash flow situation. 

Also , I have a W2 job, so i dont depend on the cash flow from rental- it would be still nice to have a positive cash flow.

Any and All advice  would be appreciated.

Thanks.

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