BiggerPockets

I have just been handed an amazing package deal on 7 rental homes in the Little Rock, Arkansas area. Here's some details:

James St: $550/month, Comps at $66,500, no work needed

Orange St: $550/month currently rented, Comps at $61,000, no work needed

E 17th: $525/month, Comps at $113,500 (probably high), no work needed

W 20th: $475/month currently rented, Comps at $40,500, no work needed

W 36th: $550/month currently rented, Comps at $45k, extent of work needed unknown

Pike: $450/month, Comps at $67k, no work needed

Ziegler: $525/month currently rented by 15-year tenant, Comps at $73k, no work needed

Total purchase price is $149k for the lot of them. Total comps at $466,500 making estimated equity $317,500. Even at a conservative 65% of comp value, equity is $154,225. Total gross income is $3,625/month. With 50% expense estimate, cap rate is 15%.

I am looking for a partner to come in and fund this deal. I am open to any creative ways in which we can structure the deal, so let me know what you are thinking.

Forbes.com recently (Jan 2009) rated the Little Rock metro area as the 9th best real estate market in the US.

Join me in taking advantage of this buyer's market. Let's be buyers!