Quadplex Analysis

[Mark Douglas]

Hey BP!

Considering my 1st purchase...  I ran it through the BP rental calc and it cash flowed $28...  I'm hoping I did something wrong!

Anyway,  what do you think???  Here are the numbers:

Property - FHA Owner-occ Quad

Purchase - $180k

Downpayment - $6,300 (3.5%)

Mortgaged Amt - $173,700

Mortgage - $1,250 (including taxes & insurance)

3 highest (current) rents - $1,765 (total/mo)

Cash flow - ???

I know I'm probably paying too much....I'm going to ask for a price of $165k, and see what happens..

Is this the worst deal in the world, or is there hope?  I'll move on if the numbers don't work....no attachment to the property :)