Advice on my first rental

[Anthony Pimentel]

I'm trying to get a deal together for a 4 plex.  The list price is 190K but the buyer will not go less than $185K.  I've ran the numbers at 185K w/ 20% down.  I think this is a good deal but would like to get your input.  What info will I need regarding renters.  Do I request for all lease agreements before closing this deal?  Can I ask about late payments?  Anything else I need to request from buyer?  I'm a newbie and any advice would be greatly appreciated.

Monthly 

NOI - $1390

Mortgage - 780

Cash Flow - $600

Cap rate - 9%

COC - 13%

[Nick C.]

Yes absolutely get the leases. There should be verbiage in there about tenant contact information, how late payments are handled, etc. 

If they don't have leases at least get tenant estoppel letters. 

Either one or both of these items is a must before closing.