Looking at your numbers – you’d want to more down or you’ll pay a hit on the interest rate. Investment property has a sweet spot of 75% mortgage or less – you have closer to 80%.
As pointed out – it doesn’t cash flow… so you’d be spending $ every month to own this. I presume your goal is to make it up with appreciation? You mention it’s close to the college – so I’m going to make a leap and assume it’s the UTC area. I think (JMHO) that area has a lot of downward pressure on both prices and rents… Lots of units on the trustee sale lists and with NODs…
I’ve been looking hard at investment properties (but in the 2-4 unit type)… so far nothing has cash flowed so my money has stayed on the sideline.
