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Was out in Phoenix this past weekend... I'm moving forward on 3 new homes in Litchfield Park. (2) 5 bedroom, 2.5 baths and a 3/2. Lots of new homes for rent in the various tracts, but they are renting, after a 1-2 month delay.

I belive the numbers will work for my scenario:

5 Bedroom/ 2.5 Bath
Purchase price = $159,000
Down payment = 20%
Monthly PITA = $1,238 (15 year fixed)
Management cost = $59/mo

Estimated rent = $1,400

I'm sure I'll have one vacant month per year, so I'll have to factor that in. Also, initial concrete and rear yard landscaping will be around $5,000.

Any holes in my logic???