Deal Analysis in Dale City, VA (Townhome for Rental)

[Calvin Kwon]

Hello, I am a first-time investor and would like feedback on an analysis for a rental property. This is my first time analyzing a deal so I would like to get your feedback on what I am doing right and what I am doing wrong.

Property: 3523 Cranmer Mews, Woodbridge, VA 22193

Link: https://www.redfin.com/VA/Woodbridge/3523-Cranmer-Mews-22193/home/9228154

Analysis: The property is up for sale for $190K... and comps in the area goes for $225K ~ $250K or $1495 ~ $1600 as rental. Based on the photos, the fixes look cosmetic in nature and I will be visiting this property on Saturday to have a closer look. 

Here are the numbers, assuming 20% down ($38K)

Income
- Rental: $1550

Expenses
- Mortgage: $700
- Property Taxes: $200
- HOA: $60
- Insurance: $60
- Vacancy: $85
- CapEx: $100
- Repairs: $100
- Management: $150
-Total Expenses: $1455

- Cash Flow: +$95

Investment
Down Payment: $38,000
Closing Cost: $1900
Rehab Cost: $10,000** (could be higher - must check)
Miscellaneous: $500
Total Invested: $50,400

Mortgage: $152K
ARV: $230K
Cash on Cash Return: 2.3%

Conclusion
So obviously not a good number... Do you have any idea of ways to make these numbers better? One idea is an inspiration from the podcast with @Joe Asamoah and accepting Section 8 tenants. The FMR for 3 bed home in this zipcode is $2100... which will turn my meager 2.2% to a monstrous 15.3%. The only question is... how easy is it to get Section 8 tenants in this neighborhood? Is there a way to find out?

Are there any other jedi real estate strategies that I am overlooking?

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I am visiting the property this week. If anyone would like to join, please let me know!

[Paul Defngin]

@Calvin Kwon by the way $1900 seems really low.