2nd BRRRR deal...am I on the right path?

[Andrea Castor]

Our offer got accepted on a short sale! I'm pretty excited because this is a condo complex I've wanted a rental in for years.

Purchase price: $65k

Rehab $15k (nothing upfront but a good clean) but eventually will rehab kitchen, two full bathrooms, replace carpet with laminate wood, sliding glass door to deck

ARV: $100k

Monthly rent: $1000/mo

Taxes:           ($192)

Insurance:     ($20)

HOA: ($196)

Maint 5%:       ($50)

Vac 5%:          ($50)

____________________

NOI $492/mo

Cash on cash return $5,904/$65,000 = 9% return

In 6 mo, we plan to refi. Worse case appraises for $90k, pull 70% out ($63K).

NOI with new mortgage payment of $319/mo would be $173/mo (+~$85/mo in equity).

We do plan on managing our self so I did not include that in the numbers. We have another similar condo in the area and they are very easy to manage. Anything I'm missing before we close?