First Deal Done- Thoughts?

[Tim Kaminski]

BP,

Completed my first deal back in February of 2018.  Wanted to get some advice on what I did wrong/right, what I should try to do better, and how to grow from this point.

Deal- 1923 Wood Frame Duplex in Growing area- Tampa Heights, FL. (2) 2/1's.  

Unit A- Originally rented at $825-> Increased to $900.

Unit B-Originally rented at $750-> Increased to $1,000.  In process of turning over with lots of interest.

Total Income: $1,900. PITI: $1,200.

5% Down Payment of $163,000 Purchase Price.

Property Appraised for $190,000 right out the gate.

Originally paid Gas/Water for both units and electric for 1 side, but am in process of switching electric over to new tenant, which should save $140-160/mo.  Water/Gas is on 1 meter and don't think plumbed correctly to sub meter.

Rehab-Have put around $15,000 of my own money into rehabbing the property.  Most of which came from installing HVAC into both units.    Some of the larger expenses-Interior/Exterior Paint, Storm shutters for a few of the front large windows, added additional cabinets to one unit,  New refrigerator from Dent/Scratch store after old one died,  Laundry units that tenant pays +$50/mo for etc.  Want to finish the outside concrete patio as one last large project and be done with improvements.

Hindsight:  Should have went with a 3-4 unit place but just glad to get started.  Should have went with block home with all the termites and hurricanes Florida has to offer.  Looking back, may have just kept the wall units but central air seems to be a big draw for the renters.

Future: Am looking into getting a HELOC on property to fund the next multifamily investment. Thoughts vs Refinance? Seems like I should do this sooner rather than later due to growing concern of market being topsy.

I know this is not a home run and I am not cash flowing as much as I would like but want to use this investment to continue to learn and grow and eventually hit double/triple/home run(!) one day.

Thanks,

Tim