My first rental closes tomorrow

[Ross Bernard]

Howdy all,

I am finally closing on my first investment property tomorrow. This post might be a bit premature for a "success" story, but I'm very confident that this is a good deal. It's a 4 bed/2 bath built in 2006. Inspection shows it needs very minor repairs. There is currently a long term (>3 yr) tenant who is on section 8. She is a single mom with 6 kids. Considering this, she keeps up the place very well. The Durham Housing Authority pays the entire rent amount of $1050. Purchase price is $94,500, PITI is $530. The house is located in South Durham which is seeing a lot of growth recently, and is only about 1 mile from my house. I want to thank the BP community for the incredible amount of help/knowledge you have supplied me. Hoping to purchase my second property within a few months.