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Feedback on this rental property (FL). Rate my deal

Looking for feedback and suggestions. This is my first attempt at investing in real estate.

Background: Location - North Florida. Property: SFH Price: $385K Down: 25% Rate: 3.5%, Monthly $1300 month Taxes and other: $450 / $5,500 Year. Year Built: 2017. Other: Upscale location, premium schools, walking distance to shopping, resort style pools and amenities. A+.

Similar homes renting for: $2.6K to $3K. Rent prices going up as people from NY are more and more allowed to work from home and are moving south. Lease will cover mortgage and taxes and it will generate about $900/month. From this I will need to account for repairs, vacancy. etc.

Pros: I live close by if that helps. Homes appreciate nicely around here New and desirable community with excess of demand for vacancy. I can see it as a nice asset to pass to my kids. I have the 25% sitting on the bank as part of extra cushion. Time to use it.

Cons: I'm not much of a doer. If something goes wrong, I will need to hire a contractor. Had a rental in SF before, but I had a company managing it. Never touched it. Is the cash flow ok?

Feedback please. I have read great insights from seasoned people on this sub.

Thanks,

submitted by /u/airetupal
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/ika9n8/feedback_on_this_rental_property_fl_rate_my_deal/
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