SFH analysis - Milwaukee (first property!)

[Wilson Lin]

Hi everyone, I would appreciate some thoughts and feedback on my potential first property. This will be financed with a conventional 30 yr mortgage at 4.75% and 20% down. 

• Purchase Price: $50,000
• Monthly Rent: $850 (should be able to increase to $950)
• Rennovation cost: ~$5,000
• Property Tax 2013: $1,436
• Est. Monthly NOI: $440
• Year Built: 1952
• Bedrooms: 4 Bathrooms: 2 Area: 1098 sqft

Thanks!

[Sam K.]

Not as much of a comment on numbers but a question back... Investing in real estate is not like buying a stock. Do you have feet on the ground in Milwaukee ? And I do not mean a property manager.... If not I would not go for such a remote first investment. There is a lot to learn in this business...as I am still finding out after 3 years and I am only a 30 min drive away....