4Plex Evaluation
Hello All!
I'm a bit of a newbie and I'm looking to purchase my first 4-plex. Please note that this is in California, so the rate of return may not be like that of other markets. Nevertheless, please let me know if I'm full of it. I don't mind you guys being harsh on me as long as its constructive. :)
Here are the initial details:
2 story 4-plex
Asking $379,000
Built 1959
3 units are currently rented and 1 is vacant
2 at $850 and 1 at $800
Seller pays sewer, water and garbage, which is $230 per month
Maintenance is $70 per month
Taxes are $3200 per year for $265 per month
Insurance is $1200 per year or $100 per month
Total expenses for him are $665 per month
I plan on using my VA loan benefit and live in the vacant unit.
Wanted to see what your thoughts, advice, or words of wisdom may be? I am going back to ask for a Schedule E and/or history of tenant and payment. Just wanted to know what other things I should be asking for at this point. Thanks!
John