Rental Property Investor · Charlotte, NC · Member since 2020 · 4 posts · 0 votes
New to Realestate, Looking for some feedback. Any advice or info I may be missing. Please let me know, Would you do this deal? Or Look somewhere else ?
6 unit Multi family apartment building
Purchase Price $174k
Down payment 20% $34,800
30 year loan @ 4.75 interest rate
6 units currently rented at $400 each
Planning for:
1) 10% vacancy
2) 10% maintenance
3) 10% Cap Expenditures
4) 10% Property Management
With taxes & insurance and the above expenses, I’m looking at a $390 per month cash flow
Rental Property Investor · Charlotte, NC · Member since 2020 · 4 posts · 0 votes
5y
@Matt Privette
(yes I’m commenting on my own post)
As of now the rent is $400 but the market average is $500 for the area
Seems like I could slowly adjust that to be aligned with FMV for the area.
And my cash flow would be even greater.
Trying to use conservative numbers.
Also the purchase price is just what they are asking. Hopefully I’d be able to negotiate down but even with the asking price. It doesn’t seem like a terrible deal