PLEASE HELP!! My first deal and would Like any input I can get

[Sid Newstrom]

Hi every one this is my first post and my VERY FIRST DEAL. I am looking to by a 3bdr 2 bath SFH. I have lived in the neighbor hood for most of my life and feel great about location but I wanted to see what everyone thought of my numbers. I believe all the math has been done correctly but would love any input you have. the cap and cash looks to be low but I should be able to sell the house for 145,000 no problem after renovations. (right now planning on buy and hold though) Also a block away is a condo complex renting 2 bedroom one baths for 1000 plus 275 a month for HOA. So I dont see a problem with rent prices. Please let me know what you think.

Here are the Numbers:

(pro forma, but I live three blocks away and have done so for 15 years)

Price: $110,000

10% down Plus closing 16,000

interest rate: 5.25 (30 year fixed)

roughly 15,000 improvements out of pocket.

Mortgage: 571.53

Rent: 1050 (this is low as market in the area is 1150)

6% vacancy ( average for the neighbor hood is 4)

Expenses:

total: 2200 annual

My results:

$134,500.00 total cost of unit

6.42 cap rate

9.127 GRM

11.10% Cash ROI

33.82% Total ROI

125.89% DSCR

$1,775.63 annual cash flow 1st yr 1775