First Income producing property deal completed
I just completed my first income producing property deal. Purchased a 2 bedroom 1 bath 716 sq ft property in a C class neighborhood. Here are the numbers:
$30,000 purchase price
$1,353 closing costs
$3,400 repairs
Total In $34,753.00
Insurance is $582 a year. Taxes are $523 a year.
Rented it last week for $650 per month, tenant pays all utilities and lawn care.
Paid all cash. Tax assessor has it assessed at $51,000.00.
If I wait about six months then could I get a loan for what I have in it if it appraises as high as the tax assessor thinks it is worth? Any suggestions or comments?