Analyzing a Triplex deal in Charlotte
Hey group, I need help. I've been analyzing deals for weeks, I've found the triplex in Gastonia NC. Two of the units are renting for 700 a month with one unit vacant. The asking price in179k. It doesn't need any comestic rehab as I can see but I still calculated in a repair cost of 2500 with an estimate closing of 2500 as well. I'm using my VA loan to purchase this property. Basically I don't put My capital down with a VA loan. Expense come up to 1500 a month. Total needed to close and rehab would be 5k, but its stating my cash on cash ROI is 42.11%. Basically are you really profiting when you use a VA that doesn't require you to put any money down? I know I will have to live in the property at least a year, but after that my plan is to rent out the other unit. I just feel I'm not profiting. I would appreciate any feedback.