What do you think of this 4plex?
4 plex right off busy intersection and <1/4 mile from interstate ramp.
2bd/1bth 2bd/1bth 3bd/2bth 1bd/1bth
4 Parking spaces (2 covered) + 4 street parking spots
Purchase Price 325K; 25% ($81,250) down conventional 30yr
Monthly Mortgage Payment = ~$,1250
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INCOME
Fully occupied, rents are $2825 combined.
There is a shared washer/dryer room, listing claims ~$250 income a month
Total Income w/ 5% vacancy factor = ~$2,900/ month
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EXPENSES
Property tax + Insurance + Water + Trash + Electricity for common areas + Landscaping + $200 Miscellaneous Repairs/Expenses = ~$1,000/ month
+ mortgage payment = $2,250
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Yes I know, price is very high. This is just how it is in my area right now. Plenty of jobs and demand for rentals. I have experience managing single family homes. I want experience managing shared walls. I've been shopping 6 months and this is the highest rental income I've seen for my price range (under 350K).
The rents seem very low to me. I know the rents in my area very well. This is a lower income area but the cheapest 1bd/1bth...2bd/1bth...3bd/2bth I ever see advertised are $650/$800/$1100. If I could get these rents the monthly income will be $3,350.
From the outside I can tell the roof is new (installed <6 months ago), the building needs to be painted (lots of peeling already), some window screens need to be replaced. Windows themselves look pretty good. Need mutually accepted offer before entering building. Yard is very small and maintained.
Please critique. Please ask questions. Thank you!