Updated almost 7 years ago on . Most recent reply
[Calc Review] Help me analyze this deal
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Hey group, thanks in advance for looking at this for me. I am hell bent on buying an investment property this year. This property is about 20 minutes away from my home and in a suburb where I own a large(ish) business. The ASKING price is $285K. (I'd put 20% down.) There is a recent inspection which looked pretty decent...minimal repairs needed. The rent is $650/unit (triplex) and under market. FMV is $750 to $825/unit. They are month to month. Rent hasn't not been increased in years. There is about $3000 in expenses per year (maintenance = $217, pest $450, gas $185, water $1270, and garbage = $1700). There is about $31/month of income from laundry. The triplex was built in 1997 and has original HVAC and roofing, but has been maintained (with records) yearly. All units are occupied. Clearly with the aforementioned numbers, it doesn't pencil out. Advice? Offer price suggested? I'd be thrilled to hear anything you all have to contribute.