Need thoughts on Potential Deal.

[Jonathan Warren]

I've run the numbers on my first off-market property through networking with friends. I just did a walkthrough today, and the Property is Turn Key. Seller agrees to pay for cleaning. Because of another friend, I have intimate knowledge of the building and HOA. Only 8 units total. Here's the numbers:

Buy and Hold

The closest comp is across the hall.  3 years ago it appraised for 167k and sold for 150k.  It is identical, but has an additional balcony patio.  With this info I think 163k is fair for Actual Value Estimate?

2BR 1 Bath: Hard wood.  Modern appliances. granite.  jacuzzi.

Actual Value 163k

Seller is asking 134k.

25% Down = 33415k

Financed 30 yr = 100k  = $7000 annually 

Annual Expenses = $6000 with HOA, tax, Insurance, maintenance reserve

Rent :  minimum rent is $1200/month so $13680 annually minus 5% vacancy

With these numbers, looking at a $132 cash flow per month.  I feel I used pretty conservative numbers, and have 0 reservations about the quality of the property moving forward.  Built nicely, modern, and to last.

I really like these numbers for  a convenient, first buy and hold project.

Would love to hear everyone's thoughts.  What am I missing?

Thank you.