My first invesment Property - Analysis needed

[Nilay Shah]

Been reading this forum for a while and am excited to finally make my first post. I recentlty purchased my first investment property. I closed on 10/15. It is a 2bedroom, 2 bath condo in a nice community - Wanted your opinion on the deal. It was a short sale property.

Sale Price: 174,000
Repairs & New Appliances (renoved entire kitchen) - 12,500
Closing Costs: 1,492
HOA Payment for Previous owner: 1,175

Acquisition Cost: $189,167

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Mortgage: 120,000 - 30years. 3.45%
Down: 54,000 (i put more down because i had the money sitting in a low interest savings account)
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Income: Rent: $1750/month

Expenses:

Mortgage (Principal + Interest): 535.51
HOA: 210
Taxes: 357.25
Insurance: 19.17
NJR Furnace Service: $50 (purchased since i dont live near the area)
Total Expense: 1,173.93

Income - Expense = 578.07 x 12 = 6,936.88

ROI = 10.03%

Thoughts?