First deal very nervous! Please help!

[Andrew Galeano]

Deal analysis

List price: 29,999

House details: 3 bedroom 1 bathroom

Avg rent: 850-950

EXPENSES:

Monthly taxes: $47

Insurance: $75

P&I : $111.83

Repair : $45 (5%)

Vacancy: $45 (5%)

Cap ex: $45 (5%)

Mgmt: 90$ (10%)

Garbage: 40$

Purchase closing costs I put at 3,000

** And repairs I put at 8,000 (completely guessed as I was going off of the images of the outside and inside of the house)

I ran the numbers and seen a 28% cash on cash return With a $398.00 cashflow.

I have never done a deal before and I am very nervous to jump into this which I assume is normal. I understand the true value of the repair cost is most likely what is contingent on this deal being a good deal or bad deal. Just wanted to know what everyone on BP thinks and what should be my next action step. Thanks everyone appreciate all your help!!!

[Nick C.]

The numbers seem sound. 29k is pretty cheap, how's the neighborhood? Is there a lot of deferred maintenance that's going to come up in the coming years (old plumbing, electric, roof, termite damage, etc) that needs to be accounted for?