Looking for some insight
I have a 6 family deal on the table.
Asking price 420k I think I could get it for 400k
Real estate tax reportedly is $4000
Water sewer $200 reportedly
Insurance $2700 per yr
Gas $600 per yr
Electric $750 per yr
Garbage pick up $750 per yr.
Plus lawn and snow care
Current rental income $3945
After purchase projection $4200 (on low end)
Cash flow on purchase would be around $1200 a month...
Great neighborhood A+ and the property is in great condition...
Looking for help in terms of is this a good deal... and if so what would be the best way to structure it? How in regards of a bank loan? Also as a owner finance option?
Does these numbers work at this price point or should my offer be lower as a multi family investment if so what do you suggest?
Another thing to keep in mind is that the property is in pittsfield so not a booming city such as Boston obviously which is related to why the rents and purchase price is lower.
One of my concern is that it is a low cash on cash return I believe for my current situation.