Katy Texas first property

[Clark Dickenscheidt]

We have been brought a possible property to buy from an agent/friend I spoke to about our interest in buying our first property.  The home is 3 bed/2 bath, fully remodeled and basically move in ready.  My agent/friend may also have tenants looking to move in around time we would close.  Timing seems great but nervous to make sure first purchase is a good one.  Rental calculator gives us about $240 cash flow per month based on purchase price of 180k (what agent thinks they will ask) and $1600 per month rent.  Comps sent to me by agent make me think 170-175,000 closer to right price for house but rents might be lower than he thinks at about $1450-$1550.

We are pursuing this deal but would love some thoughts and encouragement from experienced investors.