SFR analysis

[Justin Sandall]

Hey guys,

Was wondering what you think of this analysis:

SFR - 3 bed, 1.5 bath, 1200 sq ft, detached garage & carport, large fenced yard, all hardwood floors. Will need minimal cosmetic touch-ups before listing for rent.

List Price	$93,899
Fair Market Value	$94,723
Discount (%,$)	15.00%	$14,208
Purchase Price (Max Offer Price)	$80,000	$80,515
Percent Down	20%
Down Payment Amount	$16,000
Amount Financed	$64,000
Interest Rate	4.38%
Length of Mortgage (Years)	30
Payment	Monthly	Annual
Monthly Mortgage Payment	$319.54	$3,834.51
Rental Income	Monthly	Annual
Unit A	$800.00	$9,600.00	Zestimate = $902/mo, rentometer.com average $900/mo
Unit B	$-	$-
Unit C	$-	$-
Unit D	$-	$-
Gross Rental Income	$800.00	$9,600.00
Vacancy Rate	5%
Net Rental Income	$760.00	$9,120.00
Expenses	Monthly	Annual
Property Management Fees	$-	$-	0.0%
Leasing Costs	$33.33	$400.00	50% of 1 mo rent
Maintenance Reserve	$38.00	$456.00	5% of NRI
Utilities	$-	$-
PropertyTaxes	$96.45	$1,157.40	2% of FMV
Insurance	$62.92	$755.00	0.5% of FMV
Other (HOA fees, Lawn Care, Trash, etc)	$20.83	$250.00
Total Expenses	$251.53	$3,018.40
$3,498
Net Operating Income	$508.47	$6,101.60
Mortgage Payment	$319.54	$3,834.51
Total Cash In (Down payment + Repairs)	$16,000.00
Net Cash Flow	$188.92	$2,267.09
Investment Analysis
Annual Dept Pay Down	$1,100.00
Annual Cash Flow	$2,267.09
Annual Appreciation	$4,167.81
Total Return	$7,534.90
Rate of Return on Cash Flow (Cash-on-Cash)	14%
Rate of Return on Debt Pay Down	7%
Rate of Return on Appreciation	26%
Rate of Return on Total	47%
Loan to Value (LTV)	68%
Rent to Value (RTV)	0.80%
Capitalization Rate	6.4%

So with a very conservative rent estimate and (what I feel are) reasonable expense estimates, we'd be cash flowing ~$200/month. We'll be able to rent fairly easy. The appreciation stuff is estimated fluff, we aren't banking on any of that at all.

Any thoughts?