4-Plex in Tacoma good deal?
Hi Bigger pockets community. I'm about to close my first property , is a 4-plex in Tacoma/puyallup area. I'm concerned if the cash flow is actually good, any help would be very much appreciate.
One of the unit is currently vacant and the realtor mentioned this was to allow VA financing
- Purchase Price: $700,000
- 4-plex w/ (4)4-bed/2-bath units each one 1500 sq ft
- Rents: 1,250, 1300, 1650 , 1 vacant hoping to get: 1650 . Total $5,850/month
- Landlord pays water/sewer/garbage (approx. $4,219 year total)
- Property Taxes: $8,900/year
- Property Insurance: $2,700/year
- Maintenance/Turnover: assumed $4,000/year for all maintenance/CapX/turnover
- Management Fee: 8% property managment fee
- Financing: 25% down payment, interest rate 4.6% 30 years fixed
The property has access to the Puyallup School District, the units are in good shape, the one vacant unit has been recently remodeled.
Is this a good deal? Any advice would be welcomed
Please let me know if there is any information you need that I missed.
Thanks!