Good Deal?
Is this a good deal...
Purchase price $398000.
Current NOI $25,515. Monthly cashflow $258.
Money Down: $50k and a 5% rate (owner financing...is that good?)
The plan is to immediately implement Rubs and fix two apartments so that they rent for more about $350 more per month.
Over the first two years we will continue to bring the other units up to market rent creating:
NOI of $44,323
Cash flow of $1825
Cash on Cash 28.64%
Thoughts??