8 Unit in St. Louis County
Hi Community!
Disclaimer: This is my 1st Question. Don't hit me too hard. ha
I am purchasing my 1st 8 Unit Apartment building that is is 2 bedroom and 1 bath each in St. Louis County. It is considered a C- area. My goal is to hold for 5-10 years then flip it. Also, the property only has 1 unit occupied due to no property management and the seller just old and got tired of dealing with it for the past 22 years. The area is not a booming area but it is close to schools and lots of shops. Please see the Specs below
Purchase Price: $100K
NOI: $21,800
Before Tax Cash Flow: $15,500
After Tax Cash Flow: $14,100
Future Selling Price: $255,000
Cost of Rehab: $30K
Money Down (D/P): $20,000
Potential Rent: $525-$650
Current Renters: $500
This is my 1st mulit unit/apartment building. I am a little scared as i don't want to fail. All feedback is very appreciated!