Updated over 10 years ago on . Most recent reply
Help me analize a deal
I found this on the MLS, agent owned. I called and spoke to her for a while and got the following. She told me the PM company can get me the financials this week. My questions: What else do I need to ask? is this a good deal with the info that I have right now?
New roof and decking in 2013, 4 of 6 have been completely remodeled, other two updated per pictures and listing.
6 unit apartment building. 245,000 list.
2 1BR 475/mo
4 2BR 780/mo
3450 total income a month
Management in place at 6%
4000/yr property taxes
electric paid by tenents
water/sewer/trash 300/mo
Tenents on 1 year leases, fully rented, two long term tenents on month to month due to relationship with seller/PM
Its a decent B class area.
local cap around 8 from what I can ascertain.
At an 8 cap i see it valued around 220000. Tear me apart.