Hi everyone,
This is my first post, but I have been reading endlessly on the site for many months. I am 23 years and have basically no experience. I have read many books, and listened to every podcast so far but thats about it when it comes to my knowledge. Anyways, I decided it was time to get my feet wet so I pulled the trigger and bought a 3unit house in Camp Hill PA. Let me know what you guys think.
Purchase Price: 145,000
Closing cost: 3000
Down Payment: FHA 5000
Repairs: 8000 (I think it should be 2000, but since its my first I figure over estimate alot)
Total Cash needed: 16000k
Term: 30yr 3.375 rate
P+I: 630
Rent Total: $2200 (Currently 2000)
# of units 3
Annualized rental income $25,200.00
less
Vacancy $2,520.00 (10%)
RE Taxes $3,000.00
Insurance $1,000.00
Management $2,520.00 (10 %)
Maintenance $1,260.00 (5 %)
Utilities/HOA $3,120.00
Reserves $1,260.00 (5 %)
Operating Expenses $14,680.00
Net Operating Income $10,520.00
less Annual Debt Service $7,423.24
Cashflow $3,096.76
CCR (%) 19.26%
What do you guys think?
