Help double check my numbers on, my first property... make sense property?

[Katherine T.]

Hi BP, 

I am a newbie.  This is my first property.  I have found a  townhome , 3 bedrooms 1.5 baths  that I just put an offer  and awaiting seller's response.  This is the breakdown..

Asking price  72000         Down payment 14400      Closing costs 3000

Repairs 5000 ARV 88000

Taxes 1000               Insurance 800    

Interest rate 5 %         Amortization - 30 years    

  Expenses

 P & I - 309            Vacancies 30            Repairs 48              Cap . Ex 76     Taxes    83

  Management     95

 Going rent  950- 1000  - low ball 950 is what I am working with

I  will be managing this property myself but did the math including a property manager..

HOA - none

What is a reasonable COC rate to expect? I am getting 12.8%

What is reasonable cashflow to expect?  I am getting 250  from my calculation 

Monthly expenses  700  

Please help not sure if numbers are right and what is reasonable. 

Any help / input is greatly appreciated.  

[Johann Kleisch]

Are you planning to pay full price?

Vacancy seems a little low at 3%

Are you paying any utilities?

Owners often pay the water bill because if the tenants are responsible for the water bill and don't pay it, the cost of the water bill is added to the property tax bill.

Still looks like a decent deal, but not great.

Best of success!