Hello BiggerPockets - Property Analysis

[Scott Sanford]

Hi BiggerPockets, 

This is my first post to the forums. I am very excited and driven to find my very first REI property. My goal is to find a 2 flat in a Chicago neighborhood and live in one of the units (House Hacking).

I found a property and would like some feedback on the numbers to make sure I am doing this right. Please let me know if my numbers are off or am I missing any expenses. I do plan on managing this myself but also added 10% management fee. 

Location: Logan Square, Chicago IL 60647

Foreclosure Listed at: $224,900

Purchase Price: $230,000

Estimated Repair Costs: $10,000

Income: 2 3-Bed Units x $1,500 = $3,000 

Parking: 2 Spots x $100 = $200

Expenses: 

• Electric: Plan on Tenant paying
• Gas: $120
• Water & Sewer: $120
• Garbage: $20
• Repairs & Maintenance: 5% ($150)
• Vacancy: 10% ($320)
• CapEx: 5% ($150)
• Property Management: 10% ($320)
• Taxes: $250
• Insurance: $120

Total Operating Expenses : $1570

Mortgage (30 years 3.75%): $852.13

Total Expenses: $2422.13

Monthly NOI = $777.87

I really want to make sure I am conservative with my numbers. Any feedback is recommended.