SFH First OOS MLS Deal in Ocala, FL

[Murali Jesudoss]

This is my first ever deal and OOS. Please share what do you think. 

Purchase Price: 107K (Ocala, FL)

SFH Buy And Hold: 3 Bed 2 Bath 2 Car Garage(detached) 1989 Built. 1000+ sq ft.

Tenant Occupied: $1000 per month (Long term tenant). 

It went pending and came back to market and we made a cash offer and got it under contract and closed with HML(25% down). Property is in decent shape and probably needs a new roof in few months or an year. Full tile flooring. May be a cosmetic kitchen rehab during tenant turnover and HVAC in 1-2 years. Hoping for $1100+ rent after tenant turn over.

Not a great cashflow now, but after tenant turn over in June, looking to target $1200 rent with minor rehab. Will refinance after 1 year and try to get it fully funded using conventional.

I started exploring the REI during Dec, 2020 and spent lot of time in BP and gone through lot of learning process. It has been great fun so far and challenging BRRRR is easier said than done and all markets are super hot right now and hard to find a good deal..

I do have another one closing next week in Kansas City MO (Blue Springs via Roofstock). Will share more info once closed. There is a third one in contract as well, but closing only on Mar 31. Excited :-) 

Thanks all of you for the help.