Looking at my possible first Multifamily
So, I got a P&L from the seller and I calculated the numbers below, what intrigues me is the Mortgage Insurance is so high, the area is in a flood zone but is this typical for an insurance to be this high?
Update on numbers:
150k Home
20% down payment 30k
interest rate 4.5%
property taxes: 2k/yr
home insurance: 3865/yr
Monthly Rents: $2675
Unit 1: $1200 2bd 1ba
Unit 2: $825 2bd 1ba
Unit 3: $650 1bd 1ba
Monthly expenses:
monthly payment would be $1098 (includes insurance, taxes, P&I)
Vacancy: $268
Repairs: $100
PM: $268
CapEx: $268
=$2,002
CF= $673