Our monthly expenses for the Investment Property would be $469. This would include our mortgage payment, taxes, condo fees and insurance.
So if we were able to rent the unit for $800 a month, we would be bringing in $331 per month in income. I think what I would want to do is set up a separate account and just let the money accumulate for a while for it to build a cushion for any repairs that we would need.
The more I research, the more I think that this is a really good investment. But then I still have that nagging, what if? What if we can't rent it? What if right after we purchase it, both my husband and I would lose our jobs? (Not that we are expecting that to happen, but its the worst case scenarios that keep running through my head.)