Computer Science Major not a Math Genius

[Chris Norris]

I have read book after book after book and I know that the math should be very easy, but I must be missing something in this deal that I have completed. I would appreciate if someone that has a little time would show me the correct way to know if a property that I am looking at is a good investment.

For example: I just purchased one property: Here are the numbers -(could someone please use these numbers and tell me if it is a good deal or not) as far as cash flow, investment, and all the other aspects we are suppose to look for.

Home: 1800 sqft 3bed 2 bath, hot tub, privacy fence, sidebyside fridge

Mortgage: 100% financed seller paid $2000 in closing costs
Purchase Price: 136,356
Closing Costs: $2014.25
Ad for rental: $123.19
Updates: $85.00 (ceiling fan)
Utilities before rented: $120.00
Maintenance: $100.00

Rental Income before 1st Payment due: $1200.00
September-Aug2009: $13,200

Mortgage Payment: $861.86
Insurance: $92.56
Tax: $220.53

For Future Deals, I would just like to be able to do the math, once someone is willing to show me how to break it all down, I will never forget it.

Comps in the area:

1683 sqft $133,000 sold 8/22/07
1862 sqft $135,000 sold 11/30/07
1787 sqft $135,550 sold 6/20/2008

Thanks in advance for any help or advice.