10 unit deal, FL

[Aisha H.]

Hello- 

I have the opportunity to make an offer on an off market 10 unit deal in, Wildwood, FL.  Would appreciate any advice on the numbers as well as those familiar with the area.

Its a c/d area income wise (to the west of the train tracks), small town, crime rates are lowest so it attracted me. it currently doesnt have major employers close by but is expected to expand due to its proximity to the Villages.

Units are a mix of 1/1 and 2/1, built in 1975, cbs contruction, tenants pay all utilities.

Total rents are low: $3860 (3 have no deposits, 4 units are rented on mth-mth basis, rest 6 are on yrly leases with deposits- 2 section 8 tenants)

Expenses: 

10% pm, 

10% Capex, Roof was replaced in 2008, AC units and boilers replaced in 2007.

7% vacancy (normally, I use 10%, but rental units are in short supply here), 

8% Repairs. 

$100 per month for lanscaping, 

estimated $4356/yr in insurance 

actual taxes of 1500 /yr.

My best offer figure comes to $197K for these units 

Any advice/input is appreciated,

Regards

Aisha