multi family building
Hi bp friends,
First I would like to Thank you all out there for sharing so much knowledge!
I'm from New York (queens)
After long time of reading and getting education I'm happy to say that we just bought our first investment property:)
Would like to get your opinion about the deal..
It's 3 story building in Yonkers NY, the ground floor is a 1400 sqf retail stor, second and third floors have 2 apartments 2 bedrooms each (total 4 apt).
The building needs to get totally rehab including roof,electricity,new walls inside,kitchens,bathrooms, plumbing,outside paint and everything else.
Some numbers:
We paid - 242k
Rough estimate for rehab - 180k
Extra costs (lawyer,taxes and utilities when running the project) - 18k
-----------------------------------
We had a meeting in the property with a local and famous reality agent and he said that the ARV will be around 800k, the reasonable and fair rent price for each apartment is 1500$ (*4)
And 2000$ for the store which brings the total income too 8000$.
The taxes are 12k annually
Mortgage 2500$ monthly.
Very excited and waiting to start the project!!
Will appreciate Anything on your mind to write.
Thanks.