I've been working really hard to find a property that is worth buying.
I need you your help assuring me if this is a good or bad deal.
Asking price is right under $200k
Here is the number. Please tell me what you think.
135,000 /30 years @5% ($725/month)
Taxes : 7700/yr ($642/month)
Insurance: $1,000 yr (est)
Public Sewer: Unknown at this time
Gross income fully rented $30,240
Unit 1: $750
Unit 2: $770
Unit 3: $1000
Current landlord says some utilities are included in current rents. (Gas, water and trash included).
I didnt take out for maintence or vacancy.
Fully rented i will be looking at over $10k a year. Is that a good thing?
It looks like a good starter but im just really confused.
What is your opinion? Am i in the RED?
Thank you all
are taxes really $7700 for a $180,000 house?
yes, is that too high ? It seemed steep from the start. They have school taxes and property taxes. Most of school tax $5000. Do you think i can get a tax deduction going to the town?
This property is in PA believe it or not. Here in NJ we average $12k a year unfortunately, thoguh $7k in PA seemed steep.
@Cody Jensen i believe those taxes could very well be accurate also. Here in Pittsburgh if you purchase the property below what the assessed value is then you can appeal the value and most likely reduce your taxes. Look into that for the area you are in.
If you account for repairs, utilities, vacancy, large items like roof and furnaces and also factor in a management fee there is not much cash flow left on this property. Just make sure you are factoring all the variables before pulling the trigger