Buy or pass on this town home.

[Dusty Ackerman]

Hello,

Here is what I got in front of me. Should I go for it or pass? 

Thanks in advance for your opinions!

Contract for deed

Purchased -$76,000

Appraised -$90,000

Terms - 4.5%/30 years (no balloon mortgage)

2 bed/2 bath/ 1230 sqft

Turnkey.

I believe I can get $800 for rent. I talked with a few other landlords that have the same units.

Here are the numbers, please let me know what I'm missing. Maintenance is the one I was not to sure on.

Mortgage -$363

Taxes -$100

HOA -$50

Insurance -$55

Maintenance - $78 (10% of rent)

Property management - $78 (10% of rent)

Cash flow -$76

I believe everything else should be covered by the tenants. 

Let me know your thoughts.

[Michael Bertsch]

Idk about this one. If you factor vacancy expenses, you will be spreading yourself very thin. You need to be at least $100 cash flow to make it worth your time and energy. Also, what happens if HOA cost goes up next year? I usually try and stay away from HOA because they can have some crazy rules and they can surprise you with costs . I like to be in 100% control of my assets.