Help Analyzing a 4plex
I am looking to buy this 4 plex. Am i missing anything with my numbers? How does everyone feel about the offer price? There are no comps in the area for a 4plex.
Asking price: $159,900
Offer price:$130,000 w/ seller holding note for 20%
Gross Rent: $2200
Cap X: 220
Maintenance: 220
Vacancy: 220
PM: 220
Tax and Ins: 150
Debt Service: about $700/mo based on 5% interest on $130,000
My intent would be to offer $130,000 and have seller hold a loan for 20% of that. I would get 80% loan(from someplace yet to be determined.)
Cashflow: $470
The 4 units are rented. I have no due diligence yet on any rehab costs. I know that it is at least rentable since all 4 units are rented. The outside seems fine, with no noticable repairs.
Any advice is appreciated.