[Calc Review] Help me analyze this deal

[Juan Rosado]

Please help me analyze this property. The price sounds too good to be true. I ran all the numbers in the calculator and looks great. The only drawback I can think about is the neighborhood. The vibe I get is that it is very conservative and maybe I wont feel comfortable living there. Also, I didn't include insurance in my analysis. Don't know what would be a good number for this house. Any feedback will be very much appreciated.

Thank you 

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*This link comes directly from our calculators, based on information input by the member who posted.

[Ryan Blake]

@Juan Rosado It looks good to me! I am guessing you are using FHA since there is only 3% down and a pretty good interest rate.

Only two numbers that really concern me are the renovations number of $2k (that won't go far in fixing up a place unless you are doing the work yourself) and your property tax is 1.2% of the sale price. In North Texas our property tax tends to be between 2 - 2.4% of assessed value. The value will be reassessed when you purchase the house and will go up substantially. You can fight it somewhat but it is tough to go in to the CAD office saying you over paid for the property and the assessed value should be less than you just paid for it.

Even with both those numbers being doubled, you are still looking at a pretty good deal. It is tough to find anything that is close to cash flowing in Dallas right now.