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Updated almost 9 years ago,
Would YOU buy this?
This would be my first buy and hold so I'd love to hear your honest thoughts. Thanks!
3BR/1BA SFH in Inkster, MI
Price: $28000
Gross rent: $9000 ($750/mo)
P&I: $114/mo for 30 yr note or $172 for 15 yr note
Annual Debt Service: $1368 or $2064
Taxes: $1900
Insurance: $500
PM 10%: $810
Maintenance reserve: $900
Gross Annual Income: $9000
Operation expenses: $5010
NOI: $3990
Cashflow: $218.50
Cash on cash return: 41%
Cap rate: 14%