10 Unit/ is this a good deal? Please help
I am looking at a 10 unit building in Michigan. The owner wants $200,000 for it and he will do a land contract at 6% with $50,000 down a 5 year with 30 amortization. It is a mix of 1 bedroom and 2 bedroom. It is lower income apartments. The building is about 20 minutes from my house.
$48,000 rent per year
$3,600 taxes
$3,000 maintenance
$7,200 PM
$900 Trash
$1000 Snow/trash
$400 Hallway lights and parking lot lights
$3600 Water/Sewer
Let me know what your thoughts are about this deal. I have 14 SFH and a 5 unit building now and need help telling how much this deal should go for. Thanks