First Deal

[Andrew Marzec]

Hi Everyone,

I am looking to purchasing my first Investment property and wanted to get some input from those with experience. 

The specific property I am looking at is a single family 2 bed 2 bath home with an office in a 55 and older active community in Florida. The asking price is $167,000 (Comparable to those in the neighborhood). The property taxes are roughly $2,000/year. Insurance is roughly $1,000/year. Landscaping cost $55/month and the HOA fees are $85/month. The property has a tenant who pays $1,450/month and is under contract for the next 5 years. I am looking to put down 25,000 dollars and take out a loan for the remainder (30 years @ 3.7%).

The property itself is in great condition. New interior paint in 2015, new carpets in bedrooms in 2014 and a new roof in 2005, New AC in 2014, and Updated Kirchen. Home is in central Florida and built on a concrete slab. 

Running the numbers myself It seems like a good play, however any feedback would be greatly appreciated before I jump into this one.

Thanks!

Andrew