Assistance with Sanity check
Hi all, hope i'm in the right place and asking is a suitable question. But i'm looking to put an offer out on my first property and it seems to look good on paper. (I haven't seen the property itself yet, (hopefully tomorrow) other than pics (they look good)). I'm just looking for a sanity check on my rational.
Asking price: 495,000
4 units + 1 non conforming
Rents + laundry: around 5300
Taxes around 3000
I'm taking into account
mortgage
insurance
water
vacancy of 1 month a year
5% maintenance.
I've been throwing in 10K in repair costs (very rough guess)
In the end i'm getting a market cap of about 13% and cash on cash of 60% The numbers seem really good. Am i missing anything? Anything you would add?