First deal Quadplex in Raleigh NC
First multi family I'm working on in Raleigh NC.
Sale Price $250k
Quad monthly rentals $700/mo x 4 =$2800
Expenses (including tax) $800/mo. This is my estimate averaged with what current owner has listed. I will self manage.
No large capital expenditures are expected units and quad are in good shape. I am going to have an inspector go through and check out everything. Newer HVAC and appliances. C+/B- neighborhood.
25% down = $917/mo PI
Cash flow = $1,083/mo ... $271/unit
I also believe the market rent rate is $750-$800. So room to eventuall raise rent.
This deal seems good to me in a market where deals are hard to come by. Please give me your thought on going through this process. What do I need to find out.