Quick Review for Potential Acquisition Central Florida Triplex

[Ace Goodrich]

I appreciate your input = Help me analyze this deal

Triplex 2bd-1ba

Melbourne - Orlando

2 are rented below market

1 unit is vacant

CBS in good shape per agent

2300 current cash flow

PITI would be ~2800

neighborhood is appreciating ~4% per year

How good of a deal is this?

This is a potential acquisition triplex (3x 2bd-1ba) which is already generating income. There's potential for more because one of the units is vacant.

It's in a satellite city of Orlando metro, about 65-70 miles from Orlando International Airport. It's 5 miles from Melbourne International.

My main questions are mainly how to make sure this is a good reading of the deal,

and secondly, having enough cushion to manage this remotely, in case that becomes necessary.

(btw, Have not yet reached out to PM property managers in the area. Recommendations are welcome!)

How good of a deal is it at 310K, with the two units generating 2300 per month. Btw, this is undermarket and rents could easily be closer to 2600 per month (1300 per 2bd-1ba unit). I do realize that is cutting it close to pay the PITI (estimated about 2800).

It doesn't seem difficult to generate income from renting the 3rd unit at market rate, or even at the current 1150 per month.

The neighborhood is appreciating as well, at least 4% each year since the 2010 rebound.

The schools don't have the best scores in this area based on Zillow scores, so this may be better as a STR short term rental depending on that as well.

This is an early stage on this and hopefully there's great responses and insights you could share so I have more to bring as the deal progresses.

thank you all in advance!