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Updated over 11 years ago on . Most recent reply

User Stats

5
Posts
0
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Charles Perry
  • Homeowner
  • Monroe, MI
0
Votes |
5
Posts

need guidance on my first multi family purchase.

Charles Perry
  • Homeowner
  • Monroe, MI
Posted

Hello BP friends .

I have been reading about real estate for some time now and recently joined BP pro ( and I love this site.) So as my subject says I am looking at purchasing a large triplex, sq-ft 2362 w\lg 3 car garage (future plans for another apt on top of garage) with large back yard behind the garage with plans on dividing into 2 lots and selling to the neighbors to finance the  apt above the garage. 

So here are the details :

lot size 70X300, 2 stories, 1 building, 6 parking spots

on site laundry ,boiler system , gas stove ,dish washer & metal roof

lower unit 1: 2\1 800 rent (17 yr renters no plans to leave)

upper unit 2: 1\1 550 rent(14yr renters no plans to leave )

upper unit 3: 1\1450 rent + 240 yr for parking = 21,840

taxes 3465, ins. 1483,owner currently pay utilities 6,643 a year =11,591

and the purchase price is 129,900 with some wiggle room (city assessment says 122,880)

any & all advise is appreciated.

 Thanks in advance.

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