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All Forum Posts by: Ethan Poe

Ethan Poe has started 1 posts and replied 1 times.

Starting Out

Post: Turning primary residence to a rental

Ethan PoePosted
  • Gallatin, TN
  • Posts 1
  • Votes 0

I am a young professional and aspiring investor and am looking to turn my primary residence to a rental and purchase another residence and repeat. I am running the numbers on my primary residence to make sure it will cash flow. I have contacted a land lord renting a similar home down the street from mine. He was renting his out for $1695 per month. Can some seasoned investors take a look at my numbers below and give me their thoughts. Am I missing anything? Thank you! 

1600 SF Townhouse, 3 bed rooms, 3 full baths

Income:

Rent $1695

Expenses:

Principle and Interest $703

Taxes & Insurance $155 (included in mortgage)

HOA $125 - Covers all lawn care and outside maintenance including replacing the roof.

Vacancy 8% $135

Repairs $75

CapEx $75 - Low because HOA covers roof and entire outside of property

Cash Flow - $427

0 Votes