@Elizabeth C. my operating expenses are: $2000 for PM, $3000 for property taxes, and the remaining is for insurance, HOA dues, and maintenance.

I agree with @Jerry W. it seems to be a serious money maker.Monthly Mortgage payment $200.15 (47k @ 5.5 over 30)Taxes $116.67Sewer and Water $100.00 (I only pay a bit more than this on my 4 family)Trash $-Heat/Utilities $-HOA $-General $150.00 (repairs, lawn, snow, etc AFTER your initial 6k in repairs)Insurance $100.00Mgmt Fee $140.00 (10%, you should be able to get this number down a % point or two)Vacancy $84.00Total Expenses $890.81

Hey everyone, (Still super new to the forum)I want to go over some of the thoughts going through my head:-I have very little to invest in Real Estate at this time,-I have just been approved for a home,-I am thinking about financing the property and renting it out for an approximate profit of $200 a month (after Condo maintenance fee or HOA fee).My main question is:I want to profit AT LEAST $200 on this property (my first property).

Mortgage - Principle 234 Mortgage - Interest 187 HOA 175 Insurance - .006% of purchase price p/yr 56 Taxes - 2.5% of purchase price p/yr 234 Mgmt Company - 8% + 50% Leasing 152 Maintenance Fund - 1% of purchase price p/yr 94 Total Expense - Monthly 1,133 Total Expense - Contract 12,460 Unoccuppied Expense 981 Total Expense - Yearly 13,441 Total Rent - Contract 13,750 Cash Flow - Contract 309 Cash Flow - Monthly 26 Cash-on-Cash Return 2.06% ROI % - Yearly 8.06%

You should be able to define your criteria and get the actual MLS reports that lists rents, how utilities are paid, the asking price, taxes, HOA fees and everything else you need to run your own set of numbers.Rent comps come from craigslist, phone calls, REIA meetings and zillow.Happy Hunting!!

Also the rule of thumb in question is pretty weak because tax rates, hoa dues, and insurance are such huge variables when getting to your net.

SEt up HOA type sinking fund for the common areas and it runs pretty smoothly.Also sold a 10 by 20 for 40k a door. which was pretty nice too.

I'd budget at least another $1500 just in case.Worst CaseMortgage Rate 5.50%Length of Mortgage in years 30Monthly Mortgage payment $251.25Taxes $106.50Sewer and Water $100.00Trash $-Heat/Utilities $-HOA $-General $150.00Insurance $62.08Mgmt Fee $-Vacancy $95.00Total Expenses $764.83Better CaseMortgage Rate 5.50%Length of Mortgage in years 30Monthly Mortgage payment $251.25Taxes $106.50Sewer and Water $-Trash $-Heat/Utilities $-HOA $-General $150.00Insurance $62.08Mgmt Fee $-Vacancy $57.00Total Expenses $626.83

Find out from the HOA if you can work out a payment plan.2.

I live in a small (166 homes) HOA.