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Real Estate Deal Analysis & Advice

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Jamael Reed
  • Specialist
  • Gary, IN
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102
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Should i buy this 3 unit Building In GARY, IN

Jamael Reed
  • Specialist
  • Gary, IN
Posted Aug 28 2015, 15:42

Basement unit rent-$415 a month-7+ year elderly tenants

1st Floor-$550 Rent

2nd Floor-$550 Rent

Total=$1515 a month/$18,180 per year-This will pretty much break even only with the basement rented.

Yearly taxes-$1344.82

Monthly Insurance-$85.00 Replacement cost value 2484 sq x $65 a foot

Grass-$30 a month

Water/Utilities/Garbage-Roughly $150 a month

Property is under professional management charging $500 for tenant placement first month and 10% per month to collect rent, manage, place tenants, do repairs and bookkeeping etc.

Property has had $4000 for tenant make ready when I got it last year

1 unit had new floors installed in the bathroom recently-around $1000

Property is free and clear

asking price is 30,000

should i buy this one and do the numbers seem good enough? 

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