First purchase review

[Austin Eschan]

Hi! I have a property that I found via wholesale postcards, but I think I want to make this one my own deal for a few reasons.

1. I want to move out of my parents house

2. It seems like an amazing deal to start with, lots of instant equity and doesn't need too much work.

Some details, located in Northern Kentucky in a pretty good area.

Price is 70k

ARV is 125k

I estimate about 15k in repairs/rehab

Market rent is around $900-$1,000/mo

My plan is to get a 203k, and live in it for atleast a year and fix it up over time.

I would also be renting out the 2 extra bedrooms for probably around $300-$350/mo

Assuming I get a $85,000 203k loan, the payment would be right at $400/mo plus another $160/mo for taxes and insurance. If I split utilities I would then have another $72/mo for that.

Totalling to $624/mo

Assuming I got $600/mo for rent , I would only be out of pocket around $25/mo and I'm totally cool with that .

Just want to get some feedback, what do you think?? Seem like a good first home purchase?