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.

[Nick Ferri]

Originally posted by @Martin Neal:

@Nick Ferri look fine. Meets the 1 percent rule and looks like it cash flow. Just make sure the condo allows rentals. You would hate to purchase and you can’t rent from some rule you don’t know about.

Thanks Martin, and good point. The Condo does allow rentals as there is a renter in there now paying well below the market average.