Conventional Financing Sought for Six Unit Building In Florida
We have a six-unit apartment building under contract for $210,000 and are looking for financing options that will maximize cashflow.
The units rent for $700 per month each ($4,200 per month gross) and our underwriting is assuming 45% for expenses and 10% vacancy, which puts our internal value on the property at approximately $249,000 based on a 10% Cap Rate.
The property is in Port Charlotte, FL, one of the top 25 places to retire in the US in 2015 according to Forbes magazine.
We have other financing available, but I'm reaching out to see if there are better alternatives.
I look forward to hearing from you.
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