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Updated over 6 years ago on . Most recent reply

First Multi Family - Phoenix - Help Analyzing Deal
Hi everyone, I’m looking at a 4 plex in Phoenix (Sunnyslope area, C neighborhood) and wanted to know if you would make this deal:
$300k purchase price, 25% down. All 4 units completely remodeled, new roof, new plumbing, new electric, new windows. Three 2 bed/1 bath, one 1 bed/1bath. Rents $795, $750, $725, $550, plus or minus. Cap rate 7% and cash flow approx $620/month.
Would you do that deal?
Thank you!
Most Popular Reply

I’m buying the property vacant as they just completed the renovations. I’ve found a property manager and he has told me realistic rents for the area. Yes, remodel done by licensed contractor. Yes, visited property last weekend both day and night. It’s not a place I’d live, but that’s not really the question. My expenses:
P&I: 1260
Insurance: 150
Taxes: 58 (yes, it’s that low!)
Property manager: 10% rents
WST: 250
Maintenance: 200
= approx 2,200 monthly expenses.
Rents: 2,820