What to do with confusing info...
Ok, maybe someone can help me understand what's going on here. I saw a multi-family property in a nearby area that I thought looked interesting.
Details:
List Price: 259.9k
6 1/1 units
all recently upgraded with new paint, granite counters, etc.
I asked for financials and the RE agent has been very helpful contacting the seller, but what he is sending makes no sense to me.
| 1st attemp: | ||
| 2013 | ||
| Avg Monthly Rev | $3,600.00 | $43,200.00 |
| Avg Monthly Exp | $2,500.00 | $30,000.00 |
| Avg Monthly Pos Cash Flow | $1,100.00 | $13,200.00 |
| 2014 | ||
| Avg Monthly Rev | $3,854.00 | $46,248.00 |
| Avg Monthly Exp | $2,300.00 | $27,600.00 |
| Avg Monthly Pos Cash Flow | $1,545.00 | $18,540.00 |
| 2015 projected numbers: |
| Operating Income - $45,360.00 |
| Operating Expenses-$16,000.00 |
| Taxes - $8,000.00 |
| Net Income - $21360.00 |
| Property tax (575.00 monthly) | $575.00 | $6,900.00 |
| Insurance (370.00 monthly) | $370.00 | $4,440.00 |
| Maintenance/Prep ($267.00) | $267.00 | $3,204.00 |
| Lawncare | $85.00 | $1,020.00 |
| Nat Gas | $23.00 | $276.00 |
| Extermination | $17.00 | $204.00 |
| City Fees | $6.00 | $72.00 |
| $1,343.00 | $16,116.00 |
Aside from the fact that the info is inconsistent, what should I be asking about? On the surface, it seemed like a good deal for the price.