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Updated about 7 years ago on . Most recent reply

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Daniel DiBiasi
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Should I make this purchase

Daniel DiBiasi
Posted

Hey guys!

I found a multi family with the following numbers have an accepted offer just doing an appraisal. my appraisers are telling me its a hard comp. there aren't many houses similar in size beds etc. 

Purchase price 650,000

doing 3.5% down 

Revenue 7,200

Expenses ( with mortgage T+I) 4,800

ill rent the 2 above me.... market rent is about 2,700 each unit. This way i will be living in the house and making money.

the only problem is there aren't many comps... 8 bed 3 bath

3 beds 1 bath 

over 3 beds 1 bath 

over 2 beds 1 bath 

Should i " over pay" and not worry about the value because of the cash flow and the fact that i am looking to hold god willing over the next 20-30 years?........the highest comp is a 5 bed 2 bath on a canal sold for 625 and a 5 bed 3 bath sold for 589...  both are about 800 Sq feet smaller as well. 

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