I started 1 year ago and I need a gut check before moving forward

[William S.]

Below is my best performing property (SFH) I currently have. It's in a nice suburb of Milwaukee with a good school district (B+ Neighborhood). The area has a nice mix of cash flow and appreciation. It took some minor repair work, but the biggest expense was filling a pond. I've had this for about 10 months and bought the property under value and have experienced forced/natural appreciation due to the time and minor rehab.

I’m seeking a second opinion to gauge if this was a good investment or not and why. Next year I will be making another purchase, so I need some confirmation or not on this. The market has risen so finding another property in this area at a similar price will most likely result in a $20k rehab budget.

CapEx always gets me in my analysis. The figure below comes from a spreadsheet I put together. I took the year, replacement cost and lifespan of all major items to arrive at this number, then added a 10% buffer.

My closing costs were a little high due to 25% down and paying points to hit 4.125% interest rate.

I have some equity and would like to keep growing my portfolio. Can I use this for my next purchase? How? I can save about $20k/year so it is slow growth for me.

Thoughts?

Purchase Price $112,000

Rent $1,450

Appraised Value $134,000

Rehab $7,500

Vacancy $120.83

Mortgage Payment $407.11

Taxes $257.50

Insurance $41.97

Maintenance $50

Future Cap-Ex $182

PM $145

Lease Fee $41.67

Total Monthly Expenses $1,264

Projected Cash Flow $203.92