First Investment Property Offer - Covington KY (169K)

[Mark Holmes]

Offer accepted for 169K (seller paying closing costs) - was listed for 174 and on market for 25 days - it was a flip on an old house in Covington KY (close to local pubs, Braxton Brewery, downtown Cincy, downtown Newport). Putting 20% down total cash to close 34K. 135K Mortgage (30 year) - expected monthly Mortgage (with Taxes/Homeowners) is $914.

similar homes in the area renting out for at least 1600 (sometimes 100-200 more) - being conservative thinking 558 monthly profit at 1600 per month.

I will be investing in putting a washer/dryer (hookups in) in the basement at 1K.

Issues with home inspection - older water heater (asked to replace), older roof (asked for some repairs - about 20 years old), and older furnace (asked for it to be serviced) - waiting feedback from seller. This makes me a bit nervous and wondering if I should hold off and aim to buy somewhere with a newer home (even brand new construction homes are going cheaper in FL and TX without income state tax).

Will take any and all advise for anyone who has been in a similar spot before - don't want to get caught with the all repairs/replacements when my plan is to get cash flow going and eventually grow and purchase more properties over the next years/decades and hold long term.

Thanks!

Mark