Fourplex question
Hi everyone.
I'm interested in buying my first fourplex but wanted to ask about your opinion. Asking price is 316000. All apartments are rented for 625+ electricity. Property tax is 4440 a year. Owner pays water and waste water. Now my family would be living on one of the apartments. Is there any chance someone could tell me what my rent would have to be in relation with a purchase price.
From the papers we saw (print out, not a real utility bills) it says that they grossed 28 000 in 2013 minus insurance and water which was about 7500 for a year. They didn't minus their property tax so it looks like their net was around 20k
BTW we are aiming for 280k for the property
Thnx in advance