[Calc Review] Help me analyze this deal

[Evan Griffin]

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

Hello BiggerPockets Community, 

Looking at this property to purchase as my main residence for 2-5 years before becoming a landlord. I thought I should run a Rental Analysis since that will be the end goal. Although a lot of the "tests" it might not pass. The neighborhood is great and living here would allow me to save a ton of money. Although it might not be a lot of cash flow. Im getting a place to live and a option to rent in the future thats positive cashflow. 

Thoughts? 

(Finance) 

I have saved up 35k to put down. The other home that I own is not sold yet. (Nor listed currently) I thought about doing a recast loan allowing me time to sell and come up with the extra money. Worst case scenario if it doesn't sell I would be able to come up with the needed cash in 2 months I'm just not wanting to cut into those reserves, what are my best loan options? 

Thank you for your time,

Newbie Evan Griffin  

[Tim Herman]

@Evan Griffin you wanted thoughts as this for a buy and hold. Most people underestimate their recurring cost. You can download a spreadsheet that @ sam tato created in the file section titled: cap ex that will show you what you need to budget each month. Take my advice or not, no skin off my back.