First Purchase in Cincinnati

[Nick Vehr]

Just got a verbal acceptance on a property I put in an offer on in an area in Cincinnati for my first buy and hold. 30k for a 3 BR, 1.5BA ranch on slab with 1 car garage. The property is going to take a bit of work to repair and get it rented out. budgeting ~15-18k for Roof, paint, flooring, landscape cleanup, new outlets and switches, a window repair and a couple other odds and ends. 

I will be buying this using a heloc against my primary residence, then financing out of it when repairs are complete (either via traditional, or another heloc). I'm estimating the after value 75-85k and it will rent out at 850-950, most getting 900 in the area, 

After refinancing, repairs, taxes, insurance, 10% capex, 10% vacancies, 10% property management (figuring for later in life, i will manage for now), I am predicting 255-255 cashflow depending on rent rate. 

Let's hope i didn't miss anything, but there's enough meat on the bone to absorb any beginner mistakes (I hope, lol). Either way, just thought i would share. Thanks