First purchase advice

[Tony Gazetti]

Hello all!

I'm on the cusp of making a move on my first rental property - I've been learning and researching for months, I now have enough knowledge and money to jump in and start doing, and I'm extremely excited!

I would, however, like to share my deal analysis to make sure I'm on the right track and not under/over estimating anything. If some seasoned investors with at least a few buy and hold deals under their belt wouldn't mind taking a look and giving their feedback, I'd really appreciate it! Thanks!

Details:

I plan on paying cash for the property and then financing with a 30-year mortgage.

These numbers are assuming that it appraises for $51k so that I have 20% equity in it when I finance, and the loan is for the full purchase price (no money out of pocket sans closing costs).

LP: $45,900

Assumed purchase price: $41,000

Assumed appraisal: $51,250

Tenant occupied, current rent: $875

Does this look like a good deal? Anything I might be missing?