Triplex deal with seller financing, need analysis
This is not a mls property. Here are the numbers.
List price: 60k
Monthly expenses:
Tax: 100
Insurance: 75
Vac: 65
Maint: 65
PM: 130
Capex: 65
Yard Maint: 65
Monthly income from rent: 1300
He is offering me seller financing with 10% down, 7% int, for 10 or 20 yrs.
I'm very interested but have no idea how to value this property. I'd like to buy in to some equity and definitely don't want to pay more than what it's worth.
With the above numbers, I'd still cash flow 316.34 per month. Again, I just don't know what it's worth.
One unit is currently rented, one is "almost" rent ready and the third needs work. I have someone going to look at it today to get a good idea of the make ready repairs needed.
It sold 2 years ago for 60k and I'd estimate that he's put 5k in it.
His estimates for rent are also on the conservative side.