Condo Analysis - No Brainer, Right?

[Kyle Cabral]

I know there are a lot of people that aren't into condo rentals as investment properties but I can't get around these numbers.  I think it would make sense to add to the portfolio as it seems like a solid deal that will likely appreciate, even if not by much, still some.

Rent per unit	$ 850.00	Sales price	$ 44,000.00
# of units	1		less
Annualized rental income	$ 10,200.00		Down	$ 2,200.00	5.00%
less	percentage		Repairs	$ 300.00
Vacancy	$ 510.00	5%		Total Investment	$ 2,500.00
RE Taxes	$ 1,245.84		Loan	$ 41,800.00
Insurance	$ -		Terms
Management	$ 1,020.00	10%		7.00%	Interest
Maintenance	$ 1,020.00	10%		30	Amortization
Utilities/HOA	$ 150.00		DEBT SERVICE
Reserves	$ 306.00	3%		Payment	$278.10	per month
Operating Expenses	$ 4,251.84	44%			$3,337.16	per year
Net Operating Income	$ 5,948.16
less Annual Debt Service	$3,337.16	DSCR	1.782403
Cashflow	$ 2,611.00	Cap rate	13.4%	Monthly cashflow	$ 217.58
CCR (%)	104.44%		# Of Partners	2
			Cashflow per Partner	$ 1,305.50

It's at 7% because I threw a seller financing option there as the sell own's it outright. Would look to refi within two years or just sell.

Thoughts?

Thanks everyone!