Updated over 8 years ago on . Most recent reply
I think I found my first deal. Can you check my numbers?
Im a virgin landlord looking to buy my first rental and was hoping to get some feedback on my analysis before I make and offer. Iv over estimated the expenses that I have verified and under estimated the rents.
Building 4 units built in the 1940s. Asbestos shingles in good shape. Screw fuse circuit breakers. central air units from around 2008, Roof redone in 2010. Plumbing is pvc. Located on a busy street but in a great area.
Purchase price $105,000
Closing costs $5000
Repairs $5000
Down payment $35,000
Total cost $115,000
Rent $425/unit(3 are filled currently at 450 each)
Expenses(per month)
Taxes $120
Insurance(to be verified before offer) $120
Water/sewer $100
Repairs $160
Capex $80
Vacancy $80
Management $160
Mortgage $430
Total expense $1250
cash Flow $450
How does it look? Did I miss anything major? Thanks