Market Value: 70,000
Purchase price: 59,000 cash
Gross Rents: 850-900 / mo
Taxes and Insurance: 780 and 700 respectively
HOA costs: 0
Deferred maintenance notes: Paint in and out, and cleaning 2,000
This is a wood frame house in Central Florida. 3/2, 1150 sf. It has been updated and looks rent ready.
The area is nothing special, isn't headed downhill. Its about 40 minutes from my current home, a little farther than I'd usually like, but deals are hard to find close by.
Using a 50% expense ratio, 15% down at 5% interest, I calculate a 15% cash on cash return.
Barring any major issues not yet noted, would you consider this for a rental?