Wilmington, NC 2/2 Condo

[Nick Ferri]

Hey BP, I just put an offer in on my first investment and this is my first analysis, so go easy. It's a 2/2 Condo centrally located in Wilmington, NC. 

Asking Price: 99,000

Accepted Offer: 88,000 Cash

Earnest Money: 5,000

HOA Dues: 2,300/yr (192/mo)

HOA Coverage: Master Ins, pool, water, sewer, garbage

Taxes: 600/yr (50/mo)

Rent Insurance: 300/yr (25/mo)

Expected Repairs: new LPV flooring and carpets, new paint: approx 2,500

Expenses: 5% for Vacancy, CapEx, and Repairs: 173/mo

TOTAL Monthly Expenses: ~425

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ARV from similar COMPS: 105,000

Rent: 1,100 (roughly average for the area)

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I have a standing offer from my father to ReFi for 80k with a 3.25% APR for 15yr. Monthly P&I= 550.

Let me know what you guys think, and again, please go easy.