My First Brrrr - Foreclosure

[Cody Dahly]

Hello everyone!

I believe that I found a sfh that would be a good first investment property for me but I would like someone else to look over my numbers.

It is a 3 bed 2 bath house with an attached garage. 1600 sq ft TLA.

I put in an offer on the house for $67,500 and they accepted. I will be getting a loan through my local bank and put the required 20% down and have a 30yr loan @ 3.5% 

My bank does not require a seasoning period before a cash out refi and will let me take out a 80% LTV.

My expenses are:

Rehab - $20,000 (New roof, flooring, paint, countertops, etc).

Closing and holding costs ~$5000

CapEx - 5%?

My day job is a rental property manager/maintenance supervisor so for now I won't have any fees for that.

The comps in the neighborhood that sold within the last 12 months are around 120k and are renting for around $900-1000/mo. Tenants pay all utilities.

Hopefully I covered everything. Please let me know :)

Thanks.