Updated over 9 years ago on . Most recent reply
Possible Next Deal!!
Seven fourplexes (28 units) near the beach in Florida. Seller has provided 3 years of tax returns and all related documents for expenses. Appears to be very stable property, decent condition, in a B/B+ area.
Price- $1,750,000
Gross Rents- $220,000
NOI- $185,000 (Seller shows 16% expenses on taxes for past two years- his expenses are tax, insurance, maint)
After i put in Capex, Mgmt, Vacancy, and repair allocation my NOI is $151,000. I will of course be checking to find out about any major repairs due or major expenses in the near future. There's not a lot of room for value add, but I want this to be a solid base to build off of once I move to the area.
I think I'd feel comfortable acquiring for $1,677,000 or lower with 20% down. Would appreciate any feedback- thanks!!