analizing my first possible rental - need lots of help

[Helen Kolton]

Please help me to figure this out.

How do you calculate vacancy rate? and

I want to know if this is a great deal for a rental property? Property is in NJ

SqFt: 1240

Lot Size: 2482

Property Type: Single Family

Year Built: 1929

Year Assessed: 2014

Beds: 2

Baths: 2.0

Garage: No Garage – on the street

Legal: 2 bedrooms

Taxes: 5,328.27

Insurance: 900.00

Water: 250

Vacancy: 5% per year

Current Rent: $1,350 (month to month) = 16,200 I think it could be rented for 1400

I want to offer 80K

2% rule did not work for me here.

What would be the best way to purchase this deal. I have HELOC for 50K plus 30K of my own money.

I was thinking of putting down 20% and get mortgage for the rest? How does this work? Should I obtain the loan from the same bank that gave me HELOC or go to some other bank? Should I get pre approve now or wait?

Thank you everyone, I appreciate your advice and help.

By the way when I go back to the site how do I find my post and replies?