Current monthly income: $3360
Yearly taxes: $1447
Electric per year: $680
Insurance per year: $676
Sale Price: $525k
$2k per month in mortgage.
I make $50k a year. 20 years old. Only have rent and car payment. Live off $1500 a month.
Thank you for any help and/or advice.
Aweful deal. Are the rents way below market? They are very low for that kind of purchase price. Also, FYI, there’s no way the insurance is that low on a rental property.
@Dick Stevens In your opinion was is this property worth?
Are you owner occupying it or renting all unit?
@Dick Stevens I could do either. More than likely renting all units but I know there is usually a benefit to doing owner occupancy.
@Nolan Podbielski Meeting tomorrow with the owner to discuss some numbers. Possible seller financing.
I don't think the monthly income fits the sale price. And the electric per year is no way.
@Jim S. Only pay electricity for the laundry room. All units metered.
Maybe my perspective is skewed from Baltimore's exorbitant rates, but the taxes seem awfully low for a 525k sale price - what is the property assessed at? Also, is this a reposition play or are you buying mostly turn key? What is the unit mix - 1BR/2BR/3BR etc.?