First BUY and HOLD : Was it a good deal?

[Siva A.]

Hi Guys,

We did our first deal before I come and read much about REI in BP. I used different calculators, But in a long run is it a good deal or not I'm not sure. The property located in northern suburbs if Atlanta. Here are some info,

Purchase price: $160K

DownPayment: $40K (25% Down)

Closing cost:$5K

Repair Cost: $0

Expenses:

Mortgage payments: $860/Month (Includes P&I, Escrow for insurance & Tax)

HOA: $230/Month

Income:

Rent:$1450/Month

Market was good so no Vacancy this time. But could be in the future.

It Leaves about $360/Month cash flow. My loan was traditional loan with a Mortgage company with 25% down. We wanted to be conservative found the in MLS with a help of an Agent. We bought a turnkey property with almost on the Market rate.

Please provide your thoughts about this deal.