Thoughts on this deal - Is my rent too high?

[Julius F.]

My analysis

House: 3 bed/2.5 bath

Asking price: $359k

Proposed offer price: $310-330k

ARV: $359k (assuming that there is no change in value to be on the safe side)

Rent total: $3400

• (2 bedrooms (9’x15'): $1100 x2; shared bathroom)
• (1 bedroom (12’x10’): $1200; private bathroom and walk-in closet 7’x8’)
• Utilities split between roommates, except garbage

Closing cost: 9k (includes $6k for paying PMI upfront)

Repairs: $2k (minor touches; seems to be in fairly good condition)

Down payment: 3.5%

Loan rate: 4%

P&I: $1428 - 1520/mo

Taxes: $334/mo

Insurance: $150/mo

Garbage: $45/mo

Vacancy: 8.5%

Repairs: 7%

CapEx: 10%

Property Management: 10%

Annual Income Growth: 2%

Annual PV Growth: 2%

Annual Expenses growth: 2%

Sales Expense: 10%

Cash flow: $143 - 235/mo

Cash on cash: 7.64 - 12.95%

Is my price for the rent too optimistic? Renting the entire house would be less (say $2000-2400). But, I feel the size of the rooms justify the rent along with the W/D in the basement and the house is in a good location (Alexandria C+/B- area). 

I would be living in the house first with 2 roommates and then fully renting out the 3 bedrooms later. The rent does not include the basement that also has a half bath (maybe I could live in the basement and rent out all 3 bedrooms).