Purchase Price: $150,0003.5% down: $5,250Closing costs: $3,000Rehab (adding walls/closet for additional bedroom): $5,000monthly mortgage+tax+insurance (quote from lender): $1176 (1176*12= $14,112 for year)other monthly expenses: $300 (300*12= $3600 for year)All-in cash needed for year 1, assuming absolute worst case scenario and I can't find any single bedroom renters for the first year while I am living there:$30,962 After $7,500 room and board reimbursement from employer: $23,462I plan on pricing each bedroom way below market rent at $350/month, to try to fill up each bedroom and cut away at year 1 costs.If I can rent out 1 bedroom: (23,462-(350*12)) = $19,262 If I can rent out 2 bedrooms: (23,462-(700*12)) = $15,062If I can rent out all 3 bedrooms: (23,462-(1050*12)) = $10,862BP Calculator (after year 1) assuming worst case year 1 scenario:Note: I added money to "repair costs" to change numbers to reflect 12 months of mortgage payments I would have made during year 1.https://www.biggerpockets.com/analysis/rentals/df4b1eda-9cde-41ee-afb7-f8d9cdb8724c.pdfBP Calculator (after year 1) assuming mid-scenario where I manage to average 1 bedroom rented during the year I'm there.https://www.biggerpockets.com/analysis/rentals/df4b1eda-9cde-41ee-afb7-f8d9cdb8724c.pdfCoC ROI goes from 5.7 to 8.5.Also, I plan on eventually refinancing to a conventional loan, lowering my fixed costs from about 1200 to somewhere in the 800-900 range, freeing up 300-400 more in cash flow each month and increasing the CoC ROI.Would very much appreciate it if somebody could try to find holes in my plan.

I thought about a regular mortgage but the stockpile of cash would have to payout twice a month and would cut the timline down drastically.

We are not too from June so it might be worth pulling out the next worse scenario which is small business bankruptcies, continued high unemployment, huge damage to local and state funds and thereby cuts in basic services, fall in consumer demand and then a cascade that impacts other businesses and eventually rolls into the housing market in the form of foreclosures.

So Ive had my first Covid-19 related event happen, One of my tenants had her hours cut at work and had her roomate loose her job so she cannot make rent anymore.

I believe it was in the fall, when you don't really need to cut grass too frequently, but either way, property failed. 

I have some trees that I need to get trimmed, possibly cut down. 

It might be an easier place to cut your teeth than SD, OC or LA (in terms of initial outlay) or out of state (in terms of access).

When I left there in 2005, the City was reducing the number of lawns, cutting back on vegetation that required watering, and I believe they even drained Desert Shores for a while.

We’ll be DIYing all reno’s on the interior to cut costs but we’d prefer to have professionals do the exterior.Thanks a bunch!

One was they had too many deals going and didn't want to spend the time one so they decided to just "cut their losses" and sell it as is.