Help me analyze my first BRRRR deal!
Hi all- I think I've found a house that will make a good BRRRR. Do you agree?
Property: SFH, 3 bed/1.5 bath
Listed: $59,900 (MLS, part of an estate)
Offer: $50,000 cash
Rehab: $25,000
ARV: $110,000
Rent: $1200
Vacancy: 8% ($1152/year)
Taxes: $1596/year (assessor's website)
Insurance: $1200/year (estimate)
Capex: 10% ($1440/year)
Repairs: 5% ($720/year)
Property Manager: 10% plus 50% of one month's rent ($2040/year)
Assume tenant pays all utilities.
Refinance after 6 months at 70% LTV ($77K), 5%, 30 years: $415/month
Cash Flow $106/month after the refinance with no money left in the deal and $33K in equity. What am I missing?