Can these numbers work?

[Richard Burke]

Hey all, so I made the leap and bought a condo (*GASP*). It's a 2/2, mid 1970's building, exterior is decent, faux woodlaminate flooring, open kitchen with granite countertop and bar. Black appliances, small fenced yard, small screened in porch.

Im living here until I can rent.

Let's talk numbers

mortgage - 653/mo = 7836/yr

HOA - 347/mo = 4164/yr

Expenses so far 1000/mo = 12,000/yr

Income - 1500/month = 18,000/yr

Vacancy = 1 month  (-1500) = 16,500/yr

Income = 16500 - 12000 = 4500/yr = 375/month

I don't know what the normal estimation is for repairs, however I wouldn't mind putting all of my 375 into a fund just for repairs (at least for a year or two).

The nice thing is that I am going to have a roomate for 3 months who will pay me 500/month.

After that I may have a second roomate for almost 700/month :-O

Comps-

2/2 across the street, similar style buildings - 1490/month (on the phone) 1530 on apartments.com

2/2 townhouse style apt - down the street - 1475-1500/mo

2/2 up street - 1325/mo

2/2 modern duplex - 1900/mo

Rentometer puts the median price at 1700, and the average over 1800, which I think is falsely high

I have contemplated renting this unit furnished however I am not sure if I would be able to increase the rent enough to justify the expenses (But I really don't want to move my furniture hehehehe).

I am fairly sure I could rent this unit for 1500/month, possibly even 1600 (1700 with furniture?!? - wishful thinking).

I was also thinking about personally contributing to the ''repair fund" while living here, maybe 500/month (just in case)

What are your thoughts?