Help with Analysis on a Multifamily Property
Im about to make an offer on my first MFH. I don't know if it's necessarily a grand slam, but I wanted a few other opinions. I found a 3 family property, fully rented with long term tenants. 2 - 1br units and 1 - 2br unit. 1br rents for 800 and the 2br rents for 1050, making gross total rent 2650.
The property is in pretty decent condition, I figure 5k for repairs, all cosmetic.
3800 a year in property taxes,
1200 a year in Homeowners Ins.
1300 for flood ins.
ARV is approx 190k-200k
Asking price is 185k. Seller is somewhat motivated.
I'll be getting a conventional 15yr loan with 25% down
Any advice would be greatly appreciated. Im open to any and all opinions/constructive criticism.