Check my work please

[Kendrick Pratt]

Hello everyone! My name is Kendrick and I am new to real estate investing and im practicing my deal analysis, using the rental property tool on this website and using rentometer for an average rent rate. I found a single family home 3116 Wesleyan Dr S, Fort Worth TX 76105 to rent. 

Purchase price: $155,200

Down payment: $0 (Im military so i plan on using the VA Loan)

I would love any advice on this. I did a 3% interest rate, vacancy of 5%, management fess $0 (because i'm local and would manage it myself), tenants would pay for the rest of the "custom expenses" (gas, electricity, etc). 

Any help would be awesome! Thank you so much!

Thank you!

Kendrick Pratt

[Joel Allen]

@Kendrick Pratt

Welcome to BP!  @JD Martin hit the nail on the head, especially related to interest rate and capex.  You'll definitely want to factor those in to your numbers.

Keep in mind as well, VA loans are designed to purchase a primary residence. That may be your intent (to purchase the home, live in it for a year or more, and then rent it out), but from your post it sounds like you may be planning to make this a rental from Day 1. If that's the case, you'll need to look at other financing options besides the VA loan.