Purchase or Pass?
Ok, here it is:
My offer is 173k with 13K back at closing.
Total Purchase Price $173,000
Seller Concession $13,000 (roof repairs and closing costs/fees)
Downpayment (15%) $25950
Debt Service: $1330 per month
Finance $147,000 x 9%= $1330
Gross Rents: $2775
$400 (15% vacancy/rent loss)
Effective Rent: $2370
Expenses $1100 (water, insurance, taxes, trash, grounds, misc.)
Do I buy or pass?