Hello Bigger Pockets Community,

My name is Elliot Criss and I am new to the BP forums. I have watched numerous podcasts, read numerous blog posts, and attended a few of Brandon's webinars. The last webinar was on deal analysis and Brandon challenged us to analyze three properties a day for a month. I have been doing this and have found an intriguing property that I would love to get some feed back on.

I was unable to figure out a way to incorporate the report I created for the property into this post so I created a spreadsheet below to give as much info as possible.

 The basics to this property are it's a 4 Bed 2 Bath duplex in West Charlotte out by the airport for you locals. The asking price is $120,000 but I believe that it could be purchased for lower considering its location and potential repairs. I put down a purchase price of $110,000 for this report.

I had some trouble figuring out the Annual Property Taxes for this property as well as others. I had a hard time understanding the reports from the county assessor. On Zillow, the website has the 2014 Property Taxes as $1,186 and Property Assessment as $61,500. I also looked up the average property tax for Charlotte which was around $1,400, however I set the Annual Property Taxes as $2,000 to try to be as conservative as possible. Any tips on how to analyze property taxes would be much appreciated!

I valued the property at $150,000 after $20,000 worth of repairs as that is the average price for a 4 Bed 2 Bath in this zip code (28208). I also estimated Closing Costs of $3,000. When I research Charlotte's average closing costs, I found it to be $2,400 but I wanted to be conservative.

I have a down payment of 20% at $110,000 price so the loan amount is $88,000 with 4.5% interest (I took the interest rate from calling my personal bank as a reference point). I put down 1 point charged by lender and loan fees/points are paid out of pocket. This is a 30 year amortized loan.

When researching the rent in this area it ranged greatly form 1,000 to 2,400. I also researched how much 2 Bed 1 Bath rent ran to get a better perspective and they ranged from $850 to 1,200. I settled on renting both sides of the duplex at $800 each to give me a total gross monthly rent at $1,600. I would also have the tenants pay for Electricity, Water & Sewer, and Garbage. I did not put down PMI since the loan is at 20% and no HOA fees apply. I added monthly insurance of $60 because I was not sure how to determine if that is applicable or not, so again I went conservative.

Below is an Excel Spreadsheet that I created to give some of the important numbers. I did go pretty conservative on things like rent, annual property taxes, repairs, vacancy and repairs/maintenance because this is one of the first deals I have analyzed. I believe the rent per month could easily be $1,800 and property taxes are probably a few hundred dollars lower. 

Any feed back would be much appreciated! I look forward to hearing from you all.

Thank you in advance.