Considering offer on a MultiFamily (3)

[Peter Brooke]

Hi all,

Am considering putting in an offer on a multi-family in Manchester, NH. I have pre-approval for a 30 year standard fixed loan. The income/expenses are as follows:

Asking Price - $245,900

Gross Income - $2,790 p/m

Annual Expenses

Taxes - $5,237 

Insurance - $1200

Lawn maintenance - $870

Fuel - $636

Electric - $240

Water & Sewer - $2029.94

Its over 100 years old, which is typical for the area. It is also located on the better side of the city. Its a little dated, but in very good shape. It has vinyl siding and windows, updated electrical (seller is an electrician).

I will be putting down a 25% deposit.

Any feedback on the numbers would be greatly appreciated.

Cheers

Pete