input on this quadplex
Hi BP, I am still trying to acquire my 1st buy and hold. I found a quadplex (4 units at 2 bedroom/ 1 bath each) that is in a C+ neighborhood. Here are the numbers. What do you think?
Purchase price: $69,000
$17,000 out of pocket cost to buy includes 20% down and $3,200 in closing costs.
Property tax: $1600/ yr
mortgage: $3250/ yr
Repairs: (5%) $960/ yr
Vacancy: (10%) $1920/ yr
Insurance: $1800/ yr
I'll be my own property manager
Currently rented at $400/ unit/ month = $1600/month
20% cash down, financing 80% at 4% interest amortization over 30 years.
Annual expenses: $9425
Annual income: $19, 200