Looking for feedback
Hi everyone, I've been lurking the forums reading as much as possible and this has been a great tool. I'm looking in to purchasing my first property and was looking for some feedback.
It is a 4plex 2-2bd & 2-1bd. All units rented out
Price-$110,000 Looks fairly updated so not expecting any improvement costs and purchase. 20% down 30 yr fixed
Rent -$2270 10% vacancy
Using 50% rule it would cash flow $681/mo Owner pays heat & water
1. Would 50% be to low with paying heat & water?
2. Value of property has dropped from 150k in 2011 to 130k in 2014, should i be concerned?
Thanks for your input
Jason