First SFR under contract!!!

[Matthew Chauvin]

Hi all,

Long time reader, first time poster (I think).  But first of all, thank you to everyone in the community.  If it weren't for you, I would have never jumped in, and this contract would not exist.  So I'd like to share the details and hopefully get some feedback.

This is a 2/1 1300sf SFR.

Purchase price: $47,000.  Currently rented for $750/mo.

Financed @ 20% down (using my HELOC) for 20 yrs. @ $285/mo.

Taxes & Ins = 150/mo

Assuming 8.33% vacancy and 10% maintenance = $131/mo

My fancy spreadsheet gives NOI = $5616/yr and CAP RATE @ 12%

My personal calcs show $750-285-150-131 = $184/mo.  Note that I think I can probably get $850/mo in rent.  And this would probably be a good Section 8 home.

Once again, THANK YOU to BP!!! And please feel free to comment/analyze/tell me how dumb I am ;)

Matt