Purchase price 2,230,000
22 units- 10-3 bed 2 bath units 12-2 bed 1 bath units
Cap rate 6.7
Owner finance with 10% down
@Maurice J. Congrats on the find-maybe? Why not run it through a calculator including vacancy, maintenance, management, capex etc. What is the gross rent?
Gross rents 238,380.
Yes, BP has a calculator you can use, and it will show you the other info you need on the deal: taxes, utilities, expenses (lawn care, maintenance), city fees, loan interest & payments, etc..
Look for some of the instructional webinars on this site as well.
@Maurice J. , we need way more info to help determine if this is a good deal or not. One red flag: why is the owner offering financing, especially with only 10% down. Something to keep in mind.
@Maurice J. The only way this deal can work in my opinion, and 3 thousand miles away is if there is an opportunity to utilize the property much better than the current LL. A rehab and raise rents could possibly work but that depends on how much money you have available, the condition of the building, the market rents and the current leases. As it sits the numbers don't pencil out from current info and some estimates on my part.
I think the current owner is looking to tempt a buyer in with that owner financing and 10% down; so look out. All the best and keep us posted.