First rental property purchase!!!

[Ted Jackson]

So here's the numbers:

appraised value: $40,000

purchase price: $27,000

monthly rent: $550, (could have gotten $600, rookie mistake)

rehab cost: less than $1,000

dimensions: 2BR, 2Ba, Approx. 1,000 sq feet

The unit is already rented to a tenant who passed screening, and seems great thus far. I purchased it through hudhomestore.com. I paid 20% down and used a credit union to finance remainder on a 15 yr note. So whaddaya think?

[Ted Jackson]

sure it is a single family home at 58 victory dr in cheraw, sc. A fitting street name for my first property.