Overview of my first deal

[William Mccurdy]

So I'm almost done closing on my first property. It's a 1,200sft 3/2 with a brand new roof this year in a B neighborhood

Purchase price 77,500 seller pays 2,500 closing and fixes everything found in the inspection. 

I used my va loan to get 3.1% 30 year rate

It should collect 800 a month at a minimum

Property tax. 111.

Insurance. 55. 

Pm 80. 

Mortgage 339

Vacancies 10%. 80 

Repairs 5%. 40. 

Total 705

I should profit 95$ at a minimum a month on this house. Although I think I am going to self manage for my first few years to increase profit to about 175$

Although looking back I think it wasn't a great deal because my rates will go up if I choose to refinance, and I don't have a ton of equity but I am happy just to get the first one out of the way.