Potential Deal
Hello Everyone,
I have been reading this forum for a while and have found it immensely helpful. I am considering putting a multifamily property under contract and would like some third party fly by opinions.
Units: 3
Rents: 950, 1050, 550
Ylr Gross Rents: 30,600
Documented Expenses (Unofficial): 14,300
Asking Price: 175,000
Heat Payed by: Landlord
The property had two large usable backyards. In a decent area were other residents appear to care for their house. The owner has agreed to paint the exterior and re plaster the retaining wall. Two units are in good shape, one could use some bathroom and kitchen updates but not necessary. Utilities have been upgraded about 5 years ago. I would rate it a C+ grade.
Financing would be about 800/m for mortgage and insurance. Taxes are factored into the expenses, (14,300).
Assuming the numbers are as stated what do you guys think?
Thanks for taking a look,
BW