New rental cash flow analysis, now what?

[Andrey Y.]

Good evening everyone! I wanted to share the details of my latest rental now that its closed and a tenant is in and can make accurate calculations. By the way, why is the BOLD function so glitchy? As soon as I bold one thing, I basically have to bold everything from here on out. And I cannot unbold anything once I've bolded it.

2/1/2 Condo

Purchase price: $148,300 cash 

Closing costs: $1049.19

Improvements: $190.00

Investment all in: $149,539

Rental income: $1750/mo. $20,790/yr. (assuming 1% vacancy, historically its been 0%)

Total expenses: $9111/year (maintenance fees, taxes, insurance, 10% of rent for repairs and PM, repairs are typically <<5% for condos, myself/family is the PM)

NOI: $11,679

Cash ROI: 7.81% with PM (9.20% doing own PM)

ROI is very nice for Hawaii, but still not great compared to about 21% if I had financed 80% of the purchase price.

Is a HELOC or cash-out refi a good idea? I would love to hear your feedback and expertise. Have a blessed day.