Thoughts on my first deal?

[Rick Reed]

With the very helpful advice and feedback from folks here and on some of the members' websites, I've taken the plunge and purchased my first rental.

So thank you all for your help, both solicited, and unsolicited!

I'm curious to see what others think about the following deal:

- East Plano, TX 2 bed, 1.5 bath townhouse

- Walking distance to CVS, 7-11, an elementary school, and a middle school.

- List price $70k. Purchased at $63k. Comps are around $72k

- All cash purchase, so closing costs should be around $600

- Repairs should be under $3k (paint, carpet, drywall repairs)

- Rent should be around $950-$1050 (two PMs and a Realtor pulled existing rental amounts)

- Total monthly expenses $513:

$105 Taxes

$33 Insurance

$67 Vacancy (7%)

$48 Repairs (5%)

$95 PM (10%)

$165 HOA (includes water)

- Monthly cash flow should be around $437

Have I missed anything important? Thoughts? Comments?