Advice: Possible Deal in Lubbock, TX

[Brad Gibson]

I'm looking at a possible deal in Lubbock, TX and would like some input.  Here are the specifics.

*4 Bedroom 2 Bath in Cooper school district (highly desirable small school system, but home is still within the city limits).

*1,831 Square Feet

*$127,000 sale price

* 20% down on conventional 30 year mortgage with a 4.375 percent rate

* $5,000 estimated closing costs and $0 in rehab.

*$1,400 per month rent with vacancies in the area averaging less than 7%

*$1,680 per year management expense

*$200 per year accounting and legal

*$1,200 per year in repairs

*$1,260 insurance per year

*$2,200 per year in property taxes

Thanks in advance for any advice or analysis.

BG