Looking at buying my first 9 unit apartment building?
So me and my Wife are familiar with buying single family homes which we have 9 of them and a duplex. I could really use some help analyzing numbers to make this work and make sure im doing this right it would be a big purchase for us. They can take $245,000 for it its 9 units has a office space and a detached garage new storage space. How would i run the numbers on something like this to make sure it cash flows well and makes sense? all the units on average rent from $475-$550. theres a dumpster there that costs $149 a month. Water is $98 a month and sewage is $49 a month. she also pays electric i believe. Taxes are $3,298. guessing insurance would be around $200-$250 a month. Just called are insurance company to find out and they will get back to me. It does have foundation issues i can get looked at and fixed for a good bit maybe $20,000-$40,000 can look into that also. How do i analyze this correct and make sure its a good deal. Does the 2% rule still work for apartments i use it for single family homes. Any advice would be greatly appreciative. It fits are business model really good and in the middle of all are places. I can have my 2 employees look over everything too if turns out to be a good deal. Please any help would be greatly appreciative. If anyone needs anymore info from me please let me know.