A couple of Four Plexs
This is my first post so go easy on me. I know I have a lot to learn so any experienced investors input will be extremely valuable to me. Heres the deal: two 2/1 four plexs for sale @ 150k each. The bank owns both and they sold in 06 @ 285k. One is fully occupied and rents @ $662 per unit so all 8 units fully rented should bring around $5296 per month. Mortgage with 15% or 45000 down leaves balance of 255k and payments of about 1528 @ 6%. On a yearly scale the property GOI would be around 63k
minus 18336 for mortgage and 12000 for operating expenses and 6000 for unexpected expenses puts our NOI @ around 27k per year. 2 more units are also available through different banks in the same complex so we have a chance to obtain 4 units. There are 7 units in this complex and there doesn't seem to be a coop judging by the lack of maintenace ( graffiti, downed fences and garbage all over parking lot) so it looks like we would have to maintain entire property. Apartments next door are emaculate. So we have a maintenance nightmare on our hands but the chance to lock these valuable income properties in at todays prices and maybe take control of entire complex. Should I drop this like a dirty tee-shirt?