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63
Posts
44
Votes
Devin Beverage
  • Lender
  • Tampa, FL
44
Votes |
63
Posts

Please advise me on this South Tampa Turnkey Duplex Analysis (Hot??)

Devin Beverage
  • Lender
  • Tampa, FL
Posted Jul 20 2015, 14:03

I'm new to the game and building my foundation. Please look over my analysis and give me some feedback. I want to make sure I'm within bounds for my estimates. If you'd be so helpful as to run your own analyses and show me a thing or two, I would be indebted to you. 

http://www.loopnet.com/xNet/MainSite/Listing/Profi...

http://www.zillow.com/homedetails/6804-S-Juanita-S...

Zillow hasn't been updated with the price reduction from today. Reported NOI: $15,121, meaning claimed monthly expenses are $159/mo, which I'm assuming is property management at 11% of the rent?

Annual Rent Income (currently rented): $17,040

Property Taxes: $1852

Mortgage: $8220 (This would be assuming an FHA loan, with 3.5% down which is my goal)

Mortgage Insurance: $1200 

Property Management: $2556 (15% of rent)

Utilities (?) : $5400 calculated as $225 per unit per month, for the whole year.

Vacancy: $1704 (10%)

Total expenses = $20,932 BUT, I do not expect to have property management, and I believe utilities are tenant-paid because in one of the photos I noticed there are two different meters. This would bring me into the green by $4,064 for the year, and $338 per month. While I am still early in my learning process and have been looking for a duplex I can live in as well (whereas this one is fully rented), but this seems like such a legitimately good deal to me that I'd consider looking at buying options.

After the price reduction to $140,000 in the last few hours, the property satisfies the 1% rule. I started evaluating before the change, so it's as if they knew what I was thinking!

Please give me some pointers, destroy my analysis, or whatever you may.

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