Looking to purchase my first investment property. Help!
Hello, I am looking to jump into my first investment. I am currently thinking about putting an offer in on a Quadplex. Here are the numbers, please let me know if I missed anything as this is my first time. Background: This quadplex currently has three units rented and the fourth is currently gutted and that the landlord uses for storage. Thank you for all the help! Location Springfield, Ohio.
Current price: $75000
ARV: $80000, I am assuming this for after I finish the fourth unit.
Rehab: I will do this in my spare time.
property tax: $986
Rent: Currently 3 units rented for $350 a piece for a $1050 total.
Insurance: assuming $75
Conventional financing @ 4.605% for 30 years
Capex: 5%
Vacancy: 5%
PM: 10%
I feel I could get the property for less. and finish the fourth unit. Using the calculators the the monthly cash flow would be $305. about a 100 per unit. The cash on cash return is 20%
Let me know what you think or if you need more info. Thanks again!