At the guidance of the comments here, I have talked with the Condo Manager and Tenant.  

To start, complete your profile, set investment goals, use educational resources, network, analyze deals, seek mentorship, and focus on market research, financing options, investment strategies, and property management.

I manage Short and long term rentals.

Hey All,I have a background in Civil Engineering working for around 40 years doing land development, floodplains, and waste management work, among other things.

You posted the raw data, just go one layer deeper to get to % returns to confirm your purchase price in relation to your expected return/profit/cashflow:$5,500 + $3,000 = $8,500/mo or $102k/yr GOI (gross annual rent collected)Knock off 25% for expenses and you are at $71k/yr or $5.9k/mo NOI on this $1.05M investment or holding this at a 6.8% cap rateWith your 7%, 75% LTV loan, you'd be paying $5k/mo for the loan, leaving you with $900/mo or $10.8k/yr in Cashflow.Now to determine your CoC return (Cash-on-Cash), take the $10.8k in CF and divide it by your equity-in, likely ~$300k, so 3.6% return on your cash/equity in this deal.

Build relationships with local real estate agents, investors, and property managers. 

I've been investing in Tampa for over 20 years and manage around 250 properties, so I'm quite familiar with the market.

The prior Farmers insurance was relatively cheap so near the beginning of escrow I asked the management company if they could switch over the policies (or get a new policy) from Farmers using their contacts.  

Full article link: https://www.biggerpockets.com/blog/2024-dscr-loan-rates-and-...After a decade of relative stability in mortgage rates, the last few years have seen unprecedented volatility and changes in mortgage rates.

My parents live in the Katy neighborhood.It is very safe and from what I understand, has a good school system.A lot of the homes are 'newer builds' since it is still a relatively new neighborhood.You are also in downtown houston in about 30 minutes during non-rush hour times using the I-10 highway.I don't think you can get the 1% rule anymore in the area but close to it.Since the homes are newerish, hopefully the property won't have too much renovation / repair costs.Best of luck