First Multi-Unit
Hi. New to the BP site and appreciate all the good advice and experiences shared here. I am looking purchasing my first multi-unit and would like to know if the numbers make any sense to an experienced investor. This is a 3 unit residential property, 1 one bed., 1 two bed. and 1 three bed. On-site parking and laundry hook ups in each unit. Property is located in central Maine and is in pretty good shape with only some minor cosmetic repairs needed. Here they are:
Purchase price: $84,000
Total of current rents: $1,775. Gross annual $21,300
Expenses as reported: $8,360. annual
Debt service: $5,217. annual
5% vacancy allowance: $1,065.
Cash after Debt: $6,163. annual
Hope I covered everything to give you enough information. If not, please let me know what I am missing. Thank you so much for looking at this.
Mike