Hello all, I hope this is where to post on deal analysis. This is an off market deal brought to me in a good school district in Rochester, MN
In talking with a realtor typically multi's are selling for 100x the gross rent. Rents are currently 1550/month so 155,000 would be the selling price. The owner is asking 220,000
A standard 10 year old sfr is selling for about 200,000.
Let me know what you think on an offer, if any, I should make.
Up/Down Duplex built in 1980s or so. and located in a c+ area I wouldn't be afraid at night.
-Unit 1: 2 bedrooms, 1 (full) bath
-Unit 2: 2 bedroom, 1 (full) bath
-All utilities, garbage, etc are paid by renters. Nothing paid by owner except for insurance & taxes.
-I don’t anticipate any major repairs or replacements being needed in the near future.
Recently replaced the fans in both units’ furnaces.
Brand new dishwasher in unit 1. (unit 2 doesn’t have a dishwasher)
Recently serviced the dryer in unit 2.
980 sq ft for unit 1 (upstairs). 845 sq ft for unit 2 (downstairs).
-2 car detached garage and also a shed in the backyard.
Here is the basic financial info:
-Rents received in 2017: $18225
-Insurance in 2017: $901.49
-Taxes in 2017: $3,200
expenses outside of insurance & taxes are:
-Management fees (8% gross monthly rent)
-Repairs & Maintenance:
o$838.42 in 2016
o$2,045.97 in 2017
-Mortgage interest expense
-City rental license fee ($35/yr)
What are your goals @Todd Solberg ? I would make an offer that meets our investing criteria w/primary focus on cash flow. What type of offer will help you obtain your goals?
Free eBook from BiggerPockets!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.