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Updated over 10 years ago, 07/13/2014
Deal Analysis help in Houston
Morning everyone!
I am looking into a turnkey 3/2 SF Home (1440sqft) with a detached studio garage apartment(400sq ft) in Houston. Below is what I compiled. Is there anything I am missing? Anyone have comments on the deal? Anything I calculated wrong? This will be my first real estate investment.
House Purchase Price 121,351
20% down for loan 24270.20
Mortgage Balance 97080.8
Mortgage % 4.5%
Term (years) 30
Mortgage Payment $491.89
Tax Payment $ 272.73
Home Insurance. $83.33
Total Fixed Cost $ 847.96
Estimated Repairs 120
Total Fixed/Variable Cost $ 967.99
Potential Rent 1800 (1200 sfh, 600 studio) Vacancy Rate (10%) 120
Net Income $1,680.00
NOI $14,447.19
Cash Flow $8,544.46
Cap Rate 11.91%