First deal and first offer
Hey all, gonna make my first offer today on a multi-family duplex 3/2 X 2 in the Waco, TX area near Baylor. Asking price is $249,900 and has 100% occupancy. Revenue is $23,400 yearly, expenses are $9,200 yearly, NOI is $14,200 and purchase cap is 15.8% at asking price. I was unable to get an accurate market cap, but seller says it appraised for $271,000. Seller is a realtor/broker. If seller takes my offer of $219,900, it will have $51,100 in free equity. Minus my WP. Is this a good deal for a end buyer?