No. of Recommendations: 3
I am about to purchase my first house. ...
I want to rent it and maybe move in there in a few years.

Ho boy!!
Where are you getting your advice from?

This is your very first home purchase -- and you intend to rent it out -- and you don't currently live in the area (I'm guessing on this last bit)?

Unless you are very very very very lucky, you are going to be getting an expensive education. I suspect that there are a whole lotta things that you don't know--and you don't know that you don't know them.

First, as others have said, the terms for an investor loan are not as good as owner-occupied. Higher down payment, higher rate, higher fees.

In many areas (don't know about Miami) property taxes are higher for a rental house. Insurance is higher, too. It's no longer "homeowner's insurance" it's "fire insurance". I suspect that this is MUCH higher in Miami, what with hurricane losses, etc.

Then the rent amount. You claim $1700 to $1950. That's such a wide range that it leads me to believe that you don't really know what it can rent for -- you are just guessing or relying on a realtor. Hint: realtors lie about how much rent you can get, and how easy it will be to rent.

It doesn't seem like you have taken into account vacancies and maintenance. A clogged up toilet isn't going to fix itself. The tenant will be calling YOU to fix it. If you will have to call a plumber, how much will they charge you?
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