Am I getting a good deal

[Rich Samuel]

I am somewhat new to investing in real estate and want to know if I am getting good deals.  I have purchased 3 houses this year from a wholesaler and think I am getting a good deal but I know my wholesaler is making a lot of money off me and wonder if I am really getting a good deal.  Here is an example of a house I have bough from him:

Purchase Price:                              $42,261K

Assignment Fee:                             $11,700K

Repairs:                                          $15,000

Closing Cost Est:                             $1,500

Holding Costs Before its Rented:    $1,000

Total Investment:                             $71,461  House would Probably re-sell for 90K+ after repairs

Rental Income $1,300/Monthx12=  $15,600

Property Taxes:                               $2,500

Insurance:                                      $600

Repairs and Maintenance:             $300

Capital Expenditures:                     $500

Net Income:                                   $11,700

So without figuring on any vacancies its about a 16% cap rate, which I thought was decent.

I am a beginner at this so not exactly comfortable going to the auction, but I want to learn the ins- and outs of the auctions so I can get even better rates of returns.  My wholesaler is very experienced at this and gives me a ton of advice so right now I do feel like it may be my best option.  Does this look like a good deal?  Am I paying my wholesaler too much?  I know he makes a lot but the numbers still seem to work.  I know he goes to the auction every day so if there are good deals out there he will find them.  Any advice would help!