two 5 units side by side...here's the numbers
Hi fellow investors,
Ive been a investor for a couple of years now but new to this site. I came across 2 houses built in 1890 split into five 1bdrm apartments each. Landlord pays all utilities. Decent area of town. Lots of rentals in area. Both house are in good condition. New roof on one. Four new furnaces and ac units in one. The inside of apartments could use some updating. Hoping I could get your feedback whether or not you think this is a good deal.
Asking price: 60k (30k each)
Gross Yearly Rents: 50k
Property tax: 2600 yearly
Insurance: 1600 yearly
Utilities: 11,000 yearly
Vacancy: 10% of gross rents 5,000
Maintenance/Repairs: 7,000
Expense 27,200
NOI=22,800
CAP Rate=38%
What do you guys think?