New to Apartments

[Jesse Hummel]

Hello BP Group,

I am new to apartment investing, looking to put in an offer on a seller financed 8-plex. 

I have done the math many different ways in order to determine what I should offer, I would greatly appreciate the BP communities opinion's.

Here are the details below:

8 unit, all attached, one big "box", 3500 sf total

All are 2 bed, 1 bath units that are 425 sf each (3400 sf total) 100 sf utility room)

Dishwasher, Range, Refer in each unit.

Units bring in $570 to $630 a month depending on tenant locked in rate, i.e. new tenants pay more. ($4790 / month currently) 100% occ., historically 95% + occ. rate

Quality: out of date,interior 15-20 years old, entire apt. unit built in 1990

Maintenance: well maintained but out of date

2 story,  1 acre, room to expand, slab on grade

Near high school and walking distance to hospital

Gross income last year was $56,000, Actual Op. Expenses are $14,001

Taxes are $5132/year (included in act. op. exp. above)

I appreciate your opinion and time in advance,

Jesse Hummel