First offer on a multi...
It is a FSBO Listed for $129k and not only did my offer receive a no, but a resounding..."you and your calculator can go f**k yourself" no. With a response like that I have to be doing somethkng RIGHT, but what?
Property Details: 4 Plex generating $1,700 monthly revenue. In my calculations I used 10%, 5%, 5% for vacany, repairs, cap ex, respectively. Other monthly expenses (garbage, taxes, insurance, etc) = $715 (high IMO). Loan is 20% down with 5%APR on 20 yrs.
List Price of $129k (using the BP calculator) yields the following: 0.86% COCR & $24/monthly cashflow ($6/unit)
My offer was for $72k which yields the following: 19.56% COCR (high) & $325/monthly cashflow ($81/unit).
So, what am I doing right (a) my calculations (b) making rookie offer mistakes just pissing off fellow Pensacola investors (c) none of the above?