3rd rental purchase, critique please.

[Gabe G.]

Purchased my 3rd rental property in Indiana and got it leased up yesterday.

The numbers

Purchase price $42000

Capital put in to rent- $2000

ARV $50k

30 yr fixed at 5.25

Rent $745

Principal Interest 162.35

50 percent rule $372.5

NOI- $210.15 net per month

Area is an ok area. working class.

Opinions?

[Gabe G.]

I used the 50 percent rule, instead of breaking down insurance etc for you.

For insurance is $450 a year. Taxes are $1200 a year.

Utilities are always paid by tenant.

PM is me, but the 50 percent rule includes PM.

The reason I paid so close to ARV, is outside of new carpet, and some minor things it was ready to go. Bought it from the original owners in 1961.

HVAC was replaced in 2012, water heater was newer,windows were newer.

Roof was new in 2013.

All the big items had been done.