4 Plex Analysis - Assistance/Review

[Patrick Hall]

Can anyone take a brief look at this analysis (my own) and let me know if they see any significant issues?  The purchase price is higher than I plugged in by 20k but to me, this is questionable...….my problem is, these props are selling which means SOMEONE thinks they are a deal. 

For the sage investors our there, thanks in advance for your input and advice in advance. 

Income Evaluation	No of Units	Unit Rate		Income
	2 Bedroom Unit A	1	650.00		650.00
	2 Bedroom Unit A	1	650.00		650.00
	2 Bedroom Units A	1	650.00		650.00
	2 Bedroom Units B	1	650.00		650.00
	2 Bedroom Units	1	-		-
	3 Bedroom Units B	0	-		-
	Garage Units	0	-		-			-
	Storage Units	0	-		-
	Laundry Units	0	-		-
	Comm Units	0	-		-
	Comm Units	0	-		-
	Comm Units	0	-		-
	Total Monthly Income	5			2,600.00
	Total Annual Gross				31,200.00
	Total Annual Cost / EBIDTA			9,911.86
	Net Cash Flow (Annual)			21,288.14
	Net ROI				42.39%
Monthly Cost of Operation	By Landlord		By Tenent	Monthly	Annually
	Monthly Taxes		x			137.50	1,650.00	(From Historical Data)
	Montly Space Rent (MHP)				-	-	N/A
	Monthly Insurance		x			100.00	1,200.00	Calc'd
	Monthly HOA					-	-	Posted
	Monthly Water/Sewer			X	320.00	3,840.00	Estimated
	Monthly Garbage				X	160.00	1,920.00	Estimated
	Monthly Electrical				X	-	-	Tennant
	Monthly Heat/Gaas				X	-	-	Tennant
	Monthly Other Utes		x			-	-	N/A
	Monthly Yard Maint		x			20.00	240.00	Estimated
	Monthly Maint - Op Ex	x			260.00	3,120.00	Calc'd - 10%
	Cap Ex		x			260.00	3,120.00	Calc'd - 10%
	Monthly Vacancy		x			182.00	2,184.00	Calc'd - 7%
	Screening/Tennant Management	x			20.00	240.00	Estimated
	Monthly Management	x			-	-	At Risk - Self Manage
	MONTHLY OP EXP					1,459.50
	Total Annual Expenses				17,514.00
	Total annual Debt Service				8,452.36
	Net Operating Income NOI				13,686.00
	Net Income					5,233.64
	ROI %					10.42%	Low/Average
	CAP Rate (Net Income/Purchase)				2.92%	Extremely Low
	Cash Flow per Door					109.03	Very Low		Tax Assessment
	Estimated Expenses - 50% Rule				159.50	Conservative
	Banked Amount - CAP Ex, Repairs, Vacancy			8,424.00