7-Plex in Caldwell, ID- Deal analysis?
Hey all! Trying to run these numbers on a property that was brought to me by my PM company. It's located in Caldwell, Idaho just blocks from the University of Idaho campus and downtown Caldwell.
Purchase Price: $525k
Rehab estimate: $42k total ($6k per unit, all cosmetic)
Current NOI: $3550/mo
Rents are currently 27% under market.
Projected rents: $4,850/mo
Operating expense ratio 25.2%
Cap Rate at Purchase 8.3%
Looks like a solid deal to me! I'm currently seeking equity partners though, so the deal may fall through. Let me know if you want any more information.