Help evaluating 6 unit multi family deal
I’m new to investing in multi-family commercial properties. I have a couple of single family réstale properties and looking to step up into MF space. Need help evaluating an opportunity to invest in 3 duplexes, 6 units total in downtown Pensacola, FL. Developer build brand new houses on same street as the duplexes mentioned below.
What do you think??
Price= $520k
NOI = $41,770
Cap Rate = 8%
Annual Rent = $55,260
Insurance = $2594
Taxes = $2607
Management Fee = $4421
Reserves = $1658
Maintenance = $2210
Duplex # 1 - 2bed/1bath - 1175sqft - Renovated
Annual Rent = $19,020
Insurance = $950
Taxes = $881
Management Fee = $1522
Reserves = $571
Maintenance = $761
NOI = $14,336
Duplex # 2 - 2bed/1bath - 1175sqft - Renovated
Annual Rent = $20,640
Insurance = $650
Taxes = $840
Management Fee = $1651
Reserves = $619
Maintenance = $826
NOI = $16,054
Duplex # 3 - 2bed/1bath - 1175sqft - New roof in 2yr
Annual Rent = $15,600
Insurance = $994
Taxes = $886
Management Fee = $1248
Reserves = $468
Maintenance = $761
NOI = $11,380