1st property. Section 8 Tenant. With actual numbers.

[Jonathan Napper]

If anyone could share their thoughts on this property, that would be great. It would be my 1st property. I would utilize my "First Time home Buyers card" as I do not own a home.

Notes: Investor bought it cheap and put $12-15K into it for upgrades, brought it to S8 reqs and it has a S8 tenant paying $750 per month. It does not need any real work, roof, foundation, appliances are good. Numbers are verified.

AP- $35,000

GSI - $9,000

MTG - $33,000 @4% 30YR = $159.00 ($1,891)

Taxes - $200

Insurance - $500

Management - $810

Max Cash Flow - $5,509

Variables

Vacancy - $900

Repairs - $2,000

Variable Cash Flow - $2,699

I get my investment back in one year.  What do you guys think for a first property? (I have heard both side of the Section 8 Coin)

[Clay Smith]

I don't think this looks terrible. Do you have photos? Or let's walk the property together before you decide. 

I really dislike Taylor Blvd but Wyandotte area is a descent place to start.