Help with deal analysis - Buy & Hold SFR

[Michael Shea]

Good afternoon,

I'm new to BP and getting acclimated to the site and the resources available to me.  I'm doing the BP 90 Day Challenge and I'm looking for some advice.  I'm using the Rental Property Calculator daily to analyze different properties in my area.  I've also participated in Brandon Turner's "How to Analyze Rental Properties for Maximum Cash Flow" webinar.  Using his advice to start and then applying my market data to these deals I seem to be seeing relatively high COCROI (+12%) on all deals analyzed.  I'm wondering if there are other BP'ers willing to take a look at one of my deals to see if there is something I'm missing in the analysis or if there are assumptions within my deals that I'm underestimating.

Here is the link to the deal - https://www.biggerpockets.com/calculators/shared/916449/7da6c614-e8cc-41b9-9e15-965565b159ba

About the assumptions:

This is the Charlotte NC area

Purchase price shown is the current asking price

Property taxes are from the assessor's office and the monthly income is the average for 2 beds in Charlotte.

My goal for deals is cash flow.

Any and all thoughts/suggestions are welcome!

Thank you in advance!

Mike

[Ryan V.]

@Michael Shea I think your rental estimate is way too high. I just quickly checked craigslist for 2BR in the same area of Charlotte and I'm seeing $850-$1300; and most of the units on that higher end are in town homes. Most SF are around $1000. 

Additionally, zillow has a similar home (2BR, 1000sqft) for rent listed on the same road directly across the street for $950.

How does your analysis look using ~$1000?