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Updated over 10 years ago on . Most recent reply

User Stats

36
Posts
17
Votes
Dan Crenshaw
  • Brick, NJ
17
Votes |
36
Posts

Help with Analysis on a Multifamily Property

Dan Crenshaw
  • Brick, NJ
Posted

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. 

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