First investment deal analysis (rental property)

[Omer Husain]

Hello BP! If I end up purchasing this house, this will be my first investment property! I would like the experts to give their thoughts on this deal. SFH, 3/2, single story, built in 1982. This will be a buy and hold.

Purchase Price:  105K

Estimated Repairs:  3K (the house is basically move in ready)

ARV: 115K (according to the comps)

Down Payment:  20% (21K)

Closing Costs:  2.5K

Gross Monthly Rent:  $1300 (according to the comps)

Operating Expenses:  $541 (beats the 50% rule)

Mortgage:  $425

Cash Flow:  $334

CoC ROI: 15.10%

I know the purchase price is pretty close to the market value, but the cash flow and CoC ROI seems attractive. Property is located in the NW area of Houston. I did not factor in anything for property management since I will be managing it myself. Am I missing anything else as far as the numbers are concerned? Thoughts please?

Omer