First Deal Advice

[Nathan Gilbo]

Hello,

I am looking to make my first jump into the rental market. I have been doing quite a bit of reading and decided I am going to pursue an FHA loan on a prospect property.

It is a 2 unit property a 2 and 3 bedroom.  They are asking $118000  with taxes being around 2500 a year.  I would live in the 2 bedroom for the year and possible rent out the other bedroom, along with the 3 bedroom.  From talking to some friends in the area I should be able to get 400 to 500 per room for the 3 bedroom.  It is in one of the better neighborhoods in the area with a few colleges near by.  So there shouldn't be a problem keeping it occupied.

I am looking for some advice/analysis about this property.  Any feedback is greatly appreciated, thank you.

Sincerely,

Nathan Gilbo