1st actionable step taken: offer pending

[Aaron Thivierge]

Good morning all my fellow BP'ers. I wanted to share my excitement with you. I have been researching REI for the past 3 months: reading BP, listening to all the of podcasts, reading "rich dad poor dad", "millionaire next door", "the art of the deal", "4 hour work week" , and currently "think and grow rich".

I've met with some local investors, and have become "friends" with one senior investor who has taken me under his wing, guiding me with advice and knowledge.  
I have looked at about 25 SFH that had rentable potential. But, finally, this weekend, my realtor (also a REI) submitted my 1st offer on a SFH. Here are the details.

1st, it's a short sale. All offers are due this morning by 10a.m.  Friday I went to the home and brought along a contractor for estimates of repairs. The home owner was super friendly, and I talked with her for about 20 minutes on the front lawn before I even looked at her home.  
This particular home needs flooring and interior paint, minimal outside repair and minimal  landscaping in order to be "rentable". I figure about 7 days of work is needed. 

Numbers:
3 bedroom, 1 bath, 1 carport, fenced in beautiful backyard, 1400 sq ft. SFH very walkable to all the amenities locally. The area is called "Murray Hill" in Jacksonville, Fl. It is a very popular younger professional population.
I offered $54,000. Last sold in 2004 for $119,000.  The rent is calculated to be $800/ month (both my diligence and independent real estate agents ultra conservative expectation (but more likely to pull close to $900/month). All numbers based on $800/month rent.   

Expenses: initially: paint and flooring, landscaping: about $5000
PITI: $209 + $60 + $50 = $319
Vacancy 10% (unlikely because I have two individuals all ready stating they would rent it immediately) $80
Property Management (done by myself) $80
Maintenance/ Repairs $80
Capital expenses $80
Total monthly expenses: $559
Total Income:  $800
Cash flow: $241/ month

Again, just wanted to share my 1st "actionable step" with this fine team of investors here at BiggerPockets! ~comments and criticism welcomed.  

[Maxwell Lee]

Good luck, Aaron!! You may have to be patient...we have one short sale in MH that has been pending for almost a year, and another one down the street that we got with @Daniel Ryu after five months of waiting. Also came up almost 7k after negotiating with the bank. 

Is this East or West of Edgewood? Maintenance may run a bit higher than average because of the age of these homes, but your rent should be anywhere from $800 to $1100 depending on where you are exactly. 

Anyway, best of luck and welcome to the neighborhood...hopefully soon!