Hi Friends,
Based on my crude analysis, I think buying this condo as my first rental is a bad idea.
Monthly Expenses
Mortgage $400.00
Taxes $133.33
HOA $186.00
Pre Buffer Total $719.33
Buffer $215.80
Total $935.13
Rent $1,000.00
Monthly Net Cash Flow $64.87
Yearly Net Cash Flow $778.40
Down Payment $15,000.00
Improvements $5,000.00
Total Up Front $20,000.00
Cash on cash return 3.89%
Property:
https://www.zillow.com/homedetails/2002-Greene-St-APT-101-Columbia-SC-29205/11685810_zpid/ I'm looking for a second opinion.
Thanks,
John