[Calc Review] Please help me analyze this deal

[Al Norman]

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

This is our first deal and we think the deal looks good but we would like some veterans to review it to make sure(just went to contract yesterday).  Also, if anyone has any advice on who would fund a deal like this(we are having a hard time finding a lender to loan under 75K) that would greatly be appreciated as we live in Florida and the property is in the suburbs of PA.  

[Kevin Dougherty]

Quick look at your down payment amount, you will need at least 20-25% down payment, the fees you show associated with the loan are probably too low, appraisal alone is $350-$500 plus, plus, etc... 

Are you using a traditional lender like a small local bank or hard money/alternative lender for initial acquisition and then refi into new permanent loan? Most commercial lenders will amortize out to 20-25% but there are some that will go to 30 years, use the more conservative # in your calculations and if you obtain a 30 year mortgage amortization then it's incing on the cake.  

For a rental property you should allow a % for vacancy 7-9% in your expenses. your insurance # annually seems a little low, out here in the suburbs of Philadelphia that number is almost double for SFH. If you have a quote for insurance please share who provided the quote because we would like to talk to them as well.

Hope this helps and there are lenders who will do this loan amount, a good loan broker can help you with this, do some research on here and you will find one.