Have a deal under contract, looking for Feedback?

[Brian Corbett]

My wife @Monica Corbett and I have a buy and hold deal under contract that we are looking for some feedback on. We plan to purchase the deal with a combination of saved cash and a HELOC on our primary residence. The house which was built in 1986 is in a B class neighborhood with the possibility of a large development going in nearby which may increase values. It's a condo building with about 10 units. The association fee of $100 covers lawn care, snow removal, and exterior hazard insurance. Many of the residence in the area are retired and its not unusual to find long term tenants. The condition of the property is decent with repairs needed are paint, carpet clean, new appliances. After repairs are complete and the house is rented, we plan to refinance the deal and pay off the HELOC, then do it all over again. I have analyzed the deal with both the actual purchase numbers as well as the numbers after refinance. Let me know what you think.

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