First multi, what do you think?
I have been running some simple numbers on the units available around me with 25 miles for future investment purchase and i just want to make sure im looking at things correctly.. I own a handful of single family rentals, so this would be my first multi.
Purchase price $72,400.00
Downpayment 20%: $14,480
Loan: $57,920 est $280/month
Duplex 1,656sqft
2 x 2/1 @ $695/month
Taxes 2015: $1821.00
I am just trying to figure out what others think... the owner doesnt pay insurance, so doesnt know how much it would run and the property has been on the market for 58 days.. to me this seems like a great purchase, because i would get my cash back out of it in 14ish months.. rentometer.com says the average rent in the area is $650 for 2/1.
I have been keeping my eyes on 4plexes, but the profit in all the ones on the market is just garbage compared to a few duplexes... what am i missing guys...