Well, ok. Let's look at your numbers...
Monthly Gross income: $2940
Taxes: $6140 / 12 = $512
Insurance: $1200 / 12 = $100
So, my first question is:
Electric - does each unit have its own meter plus one for each building?
If so, do you have detail on electrical expenses for the building?
Does that detail include the well pump(s)?
What about maintenance expenses for the septic system and well pump(s)?
You'll want each building broken out separately, then look at the finances of the land purchase for the rest of the property.
There will be more work to do from there, but that at least presents some idea about the compexities of what you're considering.
Find someone locally who can mentor you with this.
I have a saying, also: Learn how to do real estate before you try to do real estate.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing