Need Help
Okay well here is my second four plex idea I’m trying/thinking to buy. There are four little houses on two tax lots. Two 2/1 and two 1/1. I get cold feet, still scared and unsure of myself so I’m turning to you guys for ideas and comments. All units being rented now but rents are low - 350, 375, 475, 475. We feel like we can get rents up to 450, 450, 600ish, and 600ish
Originally being sold for 149,900. The guy has had "cash offers" but didn’t take it.
$300 for water, $50 trash, $100 maint. I do my own maint unless something major is wrong
Give or take $2000 taxes and another $2000 insurance
Owner can carry. We are thinking 117,000 with 17% down = $19890
5% interest with a 10 year loan.
What am I missing? Where am I short? What do you think? Thanks