Birmingham / Irondale Analysis

[Michael Kay]

Hi!

I think I found a good REI deal in Irondale, AL (outside Bham)

I'm estimating a $130,000 purchase price, $1300 monthly rent. Here are my costs

1. Maintenance reserve, 5%......$65
2. Vacancy 5% .............................$65
3. Management 10%...................$130
4. Property Tax............................$114  (Jefferson County records show this as half this but realtor mentioned this number, getting clarification now)
5. Insurance..................................$65

Anticipating some capex for a new driveway and repairing the crawlspace which had standing water in it.

Seems like a good deal otherwise. Thoughts?