Property Analysis Help
Hello All!!!
This is my first post after weeks of perusing the site and I've learned so much!
I wanted to get your thoughts on my property analysis. I am interested in putting an offer on a multifamily home near the University of Maryland but I just don't know if its a good deal. Here are my numbers. Total upfront cash is about 15k for this property. One 2 bd room and Two 1 bd rooms. Any feedback would be helpful!
| Annnual Property Data | |
| Operating Income | Monthly |
| Gross Scheduled Income | $3,700 |
| Vacancy & Credit Loss @ 10% | $370 |
| Effective Gross Income | $3,330 |
| Estimated Other Income (Late Fees) | $- |
| Gross Operating Income | $3,330 |
| Operating Expenses | |
| Taxes | $433 |
| Insurance (includes MIP) | $370 |
| Water/Sewer | $150 |
| Trash | $30 |
| Property Management @10% | $- |
| Gas and Electricity | $- |
| Repairs @5% | $185 |
| Landscaping | $50 |
| Reserves @5% (10K already on hand) | |
| Total Expenses | $1,218 |
| Net Operating Income | $2,112 |
| Debt Service (P&I) | $1,865 |
| Cash flow (want is >$100 per door) | $247 |