First property analysis

[Pontus P.]

Hi all,

I am looking for my first rental property, and I have created a spreadsheet to work all the numbers out. I will buy in Spain so all numbers are in Euro and the spreadsheet is containing all Spanish circumstances.

Please have a look:
https://docs.google.com/spreadsheet/ccc?key=0AsuwTI58q7nWdEp4ZFNQQ1dWd2czUlFpTWRqMzU0QlE

Now. I am looking for a 3br/2ba apartment in a prime location. After analysing the market, the average rent for similar apartments are 700-900 in the area. The average prices are 80,000 - 140,000. The monthly communal fees are around 10-40/month. Water and electricity will be paid by the tenant.

So to make a profit without margins I can only afford to pay 60,000 if I have a rent of 800. And this is not including rehab expenses.

Am I calculating everything correct? Is there anything else that I have forgotten about?

Would be grateful for another pair on eyes on this.