Property analysis in Detroit suburb

[Devang Vora]

Hi all,

Finally, I've decided to be bold enough to invest in real estate. I've learned a lot from biggerpockets and now time to dive in. I wanted some help in analyzing this deal. 

1 bed/1 bath 645 sq ft. condo. Detroit suburbs. 

Purchase prize: $64,000

Repair cost: $1,000 (minor repairs that came up during inspection and a new refrigerator)

Market value: $69,000

Down payment $16,000 (25%)

Interest rate: 4.8%

Closing costs: $2,000

Taxes/annual: $100/month 

Insurance/annual: $35/month

PITI: $392/month

Rent: $850/month

HOA: $130/month

Vacancy 7%: $60/month

PM 8%: $70/month

Expenses: $260/month

NOI: $5,010

COC: 10.46%

Cap rate: 7.83%

Thank you.