First Deal - 98 Unit Apartment Deal

[Wesley Wells]

I recently stumbled on a apartment investment property in Memphis, TN and since this will be first deal I want to make sure my numbers are spot on in my initial analysis. Here it go.

Asking price - 3,950,000 (Assumable loan)

Year built - 1999 B property in B Area

# units - 98 (1 unit is a model, 1 unit is for a office, and 1 is for residential manager)

Gross Scheduled Income  - 816,912

Gross Income - 764,700

Expenses Reported - 373,480

Debt Service - 293,389

Cash Flow - 97,831

Cap Rate - 9.9%

CoC - 16.7

Debt Coverage - 1.33

I am also looking for any information I should be aware of when dealing with assumable loan. If you need any more information, please let me know. I appreciate the feedback.