First Deal Please Advise

[Tyler Clark]

New to investing, just purchased my first deal and think I did ok. Want some advice/feedback here. I am thinking about pulling out my equity, there is a CU around here that will do 100% LTV.

Purchase 60k

Rent: 600 + 645 = 1,245

Put 15% down

P&I = 270

Taxes = 400

Water (Tenants pay everything else) = 30

Repairs (Est) = 124.50 (10%)

Management (I manage for now though) = 124.50 (10%)

Vacancy = 62.25 (5%)

Cash flow = 233.75

Thoughts?

[Michael Minor]

One thought I have is that you account for 10% for repairs but I would also strongly suggest that you account for 10% for capital expenditures. Would suck to have to replace a roof if you have not been saving for it.