Deal Analysis Feedback (Dallas, TX)

[Clark Kahawaii]

Hey guys, hope everyone is getting a great start to the new year by reaping all of the tax benefits of our industry!

I am in the DFW market and if you're not from the area, the real estate market is BOOMING. Everything that's listed on the MLS is being bought above list price within 48 hours. I am considering a deal that is somewhat higher than the price range I was originally looking in, but if the numbers work, I don't see why I should pass on it. My agent found an off market deal that is asking $380,000 for a 4plex in Garland, TX. Now the area is an older part of Dallas, but it's a safe area and the neighborhood is full of similar 4plexes and all seem to be in B class shape from the outside. I am looking to owner occupy this property with a FHA loan. Here are the numbers I have.

Asking: 380,000

Closing Costs: 5,000

Down Payment: 13,300 (3.5%)

Interest rate: 5%

All 4 units are 2/1.5, with 1,020 sq/ft.

Unit A: 895/month

Unit B: 880/month

Unit C: 950/month

Unit D: 950/month

Cap Rate: 7.0

If I include all 4 units, then after 5% vacancy, 5% repairs, 5% capex, and 10% property management, the property should cash flow about $75 per month. I will be managing the property myself but the goal is not to, so I made sure to include it. But since I am going to be occupying it, should I analyze it without the 4th unit rent($880)? Because then it shows I would probably be paying out of pocket about $400 a month, which I still think is a win at this point in the market. 

All of the units have their own private backyards, private parking, and tenants pay all utilities. As far as I can tell, the interiors are in good condition. (Seller says that kitchen is updated, bathrooms are updated, and tile floors throughout.) Will confirm once I find out the actual condition.

My plan is to move into the unit bringing in the lowest rent for a year and then move on hopefully to another similar property and filling my unit with a new tenant.

I wanted to post this on BP because I know there's a lot of people that know more than me and I've met people that are really genuinely trying to help everyone they can in the forums. I was hoping one, you all could tell me your opinions on the deal, two, are their other numbers that I forgot to include that would help you all, and third, do any of yall have any creative ways to make this an even better deal, I'm all ears.

Thank you guys!