NYC - 3 FAMILY
Hello Forum ,
I have a 3 Family Buy-Hold potential property and need some opinions on Multi unit investing . I did not enter property Insurance cost but I figure it might be around 2000 per year . Here are the details
The numbers : BUY AND HOLD Strategy
- Asking $550k
- Tax assessment $525k
- All units currently rented
(2)- 3 bedrooms , kitchen , bath and tenants pay all utilities and water. $1300 each unit.
(1) - 2 bedrooms , kitchen , bath and tenant pays all utilities and water $800 .
- Gross rents collected $3400 X 12 =$40800
- Taxes $5600 (2014)
- NOI = $35,200
- all units have separate meters .
- Rents are low because tenants have been there for a very long time and are no headaches.
- Market rent for a 3 bedroom $1600-1700
- Market rent 2 bedroom $1100 - 1200
- Offer $400k
- 25% DP = $100K
- Commercial loan $300K
- 30 YR loan
- 7% IR
- DSCR $1995 X 12 = $23,940
- DCR 1.47
Thank You !