Looking for some feedback on my deal analysis

[James McCartin]

I am a new investor and looking to get started using Brandon's BRRRR strategy to generate monthly cash flow while still being able to pull my money back out to roll into more deals. I am in the Centreville, VA area and I am looking at the Manassas and Woodbridge areas as my possible starting points. I found this property on Zillow tonight and in the spirit of taking action, decided to run the BRRRR analysis for it to see if it would be a good candidate. Being so new to this game, I would love any feedback from more experienced investors, particularly anyone investing in the Northern Virginia area. Please point out any areas you feel I may have overlooked.

Off the top, I planned to replace the main level flooring with laminate or engineered hardwood and replace the kitchen counter top and sink.  It appeared that the windows looked fairly new but the siding does look dated.  Any thoughts on changing the flooring in the whole house given the small square footage?

Thanks for any help with this analysis!

8514 White Pine Drive, Manassas, VA

[Meghan McCallum]

James BRRRR is amazing...and tough to do! You really have to know your locality's ARV's, construction costs, and it helps to have a few local appraisals for like kind property near by as a reference. The truth is...ya gotta just dig in and get your hands dirty!

Do you have a good team? Contractor. RE Agent. RE Lawyer. These numbers don't look bad, but your repair % may be too low, your property management may be too, and vacancy a little too high.

My loan officers like to see 8% across the board at least. So does my P&L statement. 

Also, insurance for $25/M? Take an insurance agent to lunch and talk to them and ask them to give you a quote for a property you'd like to buy. Ask them if there are ways to save money, any pitfalls to avoid, ask them if they got you a policy what things would they recommend that you have your tenants get covered in their rental insurance and let them know if you go with them you will pass on their information.

Do what you can to find a local investment meeting, maybe two until you find the crowd that will bring you in under their wing and balance your humility with your passion.

Good luck!!