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Multi-Family and Apartment Investing

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Brent Paul
  • Rental Property Investor
  • Shakopee, MN
371
Votes |
985
Posts

Triplex opportunity

Brent Paul
  • Rental Property Investor
  • Shakopee, MN
Posted Apr 28 2015, 20:03

In my area there is a triplex for sale.  Unfortunately I haven't seen the outside yet.  However the siding and roof are new.  This particular property is in a decent area and is fully rented.  It has been off and on the market for the last 2 years.  I believe it's a little over priced.

Multifamily rentals rarely come to market in this area.

The seller is willing to do contract for deed.

He loses a lot of profit by paying for all utilities.  The rent is also lower than other comparable rentals in the area.

What is everyone's thoughts on this?

I am just not sure if the numbers work for me.

    Multi-Unit Information
  • # of Units (Total): 3
  • Annual Insurance Expense: $900
  • Annual Repair Expense: $600
  • Annual Trash Expense: $309
  • Annual Maintenance Expense: $1,200
  • Annual Electric Expense: $3,113
  • Annual Fuel Expense: $1,188
  • Total Annual Expenses: $5,841
  • Gross Annual Expense: $6,410
  • Gross Annual Income: $25,140
  • Owner Expenses: Taxes, Insurance, Water/Sewer, Electricity, Fuel, Maintenance/Repair, Trash, Snow, Lawn
  • Tenant Expenses: Cable TV
  • Shared Amenities: Porch
    Unit 1 Information
  • # of Baths (Full): 1
  • # of Rooms (Total): 6
  • Bathroom Description: Main Floor Baths (Full)
  • Dining Room: Informal
  • # of Similar Units: 1
  • Monthly Rent: $950
  • Total Expenses: $162
  • Unit Number: 1
  • Unit Sq. Ft. (Finished): 1,080
  • Main Floor Laundry
  • Appliances: Range, Microwave, Dishwasher, Refrigerator, Washer, Dryer, Water Softener (Owned)
  • Amenities: Porch, Washer/Dryer Hookup
  • Cooling: Central
  • Annual Rent: $11,400
    Unit 2 Information
  • # of Baths (Full): 1
  • # of Rooms (Total): 5
  • Dining Room: In Kitchen
  • # of Similar Units: 1
  • Monthly Rent: $695
  • Unit Number: 2
  • Main Floor Laundry
  • Appliances: Range, Microwave, Refrigerator, Washer, Dryer, Water Softener (Owned)
  • Amenities: Kitchen Window, Washer/Dryer Hookup
  • Cooling: Window
  • Annual Rent: $8,340
    Unit 3 Information
  • # of Baths (3/4): 1
  • # of Baths (Total): 1
  • # of Rooms (Total): 3
  • Dining Room: In Kitchen
  • # of Similar Units: 1
  • Monthly Rent: $450
  • Unit Number: 3
  • 2nd Floor Laundry
  • Appliances: Range, Microwave, Refrigerator, Water Softener (Owned)
  • Amenities: Kitchen Window
  • Cooling: Window
  • Annual Rent: $5,400

Any insight would be appreciated.

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