Updated almost 12 years ago on .
Central Texas 4-Plex
Hello BP Nation - This is my first post in the marketplace and hope that I do this correctly. Here is the deal:
I ran across an REO 4-plex that should be a strong cash flow performer. It was built in 2006 and is in decent shape - needing very little to be ready to rent. It has 2 each 2/1½ and 3/2½ units. The market rents were $625 and $750 respectively before it was foreclosed upon. There are 8 similar properties on the street in which all but 2 units are currently occupied.
Using conservative estimates on the BP rental property calculator the pro forma suggests 20.74% CCR or 10.29% Cap with a $803/month cash flow.
A local lender couldn't approve me on this one because my personal DTI is outside of his limit, so I wanted to put it on the marketplace and see if I could represent or bird dog this for one of you.