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Updated almost 9 years ago on . Most recent reply
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Looking for second opinion - SFH fort worth
About the property:
4 beds, 2.5 baths, 3000 sqft and 5500sqft lot. Rent in the area currently goes from $1800-$1900 so I estimate $1850 in monthly rent. The house is 10y old and in B+ area. The house needs some repairs like fence, carpets and usual stuff. total rehab costs is ~8K but no more than 9K.
The breakdown:
Price: 200K
Rehab estimate = 9K
Monthly rent: 1850
Mortgage + interest (30y fixed) = $847
Insurance = $100
Property management (8%) = 144
Taxes: 480
HOA: 26
Seller will pay 2% towards closing costs so my cash to close is only 20% down payment (40K)
Net cash flow = $250
The numbers don't include 10% maintenance and 5% vacancy.
appreciate any kind of feedback!