How does this deal stack up?

[Tim Nelson]

Hello, BP! I just had my offer to purchase accepted for my fifth property, the inspection came through with no major issues, and we're set to close on April 28th. 

This deal is one that I'm pleased with, but not outrageously psyched over. I'm wondering how this stacks up with the deals most small investors are making in the US... is it better or worse? And how can I make future deals even better?

Here are the details:

It's a SFH, 4 bed, 2 bath.

Price: $103,000

Down payment: $20,600

Closing costs: about $2,000

Monthly rent: $1200

Mortgage: $80,400 @ 6% 25 years (choosing to use commercial financing due to my LLC) monthly payment: $518

Monthly taxes: $158

Monthly insurance: $70

10% monthly savings for repairs and maintenance: $120

Monthly NOI/profit: $334

This is a better than average deal in my area, but my dad and I have both purchased better. I do know that I will be able to rent the home for $1300 next year making my monthly profit about $425. So, at the current rent I'm making $4,008 per year and 17.7% CCR but when I rent it for $1300 I will make about $5,100 per month and 22.5% CCR.

We will manage it in house and have had almost 0% vacancy in this area. I've been investing for 3 years and this is property number 5. What are your thoughts? Should I keep buying these as they become available or is there better out there? 

Thanks and happy hunting!!