feel like I am overlooking something
so long story short, have been lurking around here reading forums, listening to podcasts, and reading, reading reading.. so i am ready to buy. i have analyzed the property, doing the math the old fashion way with pencil and paper. I finally downloaded a spreadsheet from BP. so after inputting the numbers in this spread sheet and also by hand They seem to look pretty good to me, however i feel like i am overlooking something. If anyone can go over my spread, and let me know if they see something i left out, i would love to discuss it.. Please... well to no avail i have tried to upload the spreadsheet, and i am having trouble, so i will just break it down.
purchase price $260,000 , DP 10% = $26,000.00, finance $234,000 @ 5% for 30 yr fixed
closing cost $5200, Mortgage pymnt $1256.00, Cash outlay $31,200.
Revenue Assumptions: # of Units 6, Total Rent/Month $3,078, Gross Rev/Month $3,078, Gross Rev/Year $36,930, Vacancy Rate 10.0%
Revenues: Rental Income $3,078, Vacancy Rate 10.0% $(308), Net Rental Income $2,770, Other Income, $- Gross Income $2,770
Expenses: Property Taxes$217 ($2,600yr), Insurance $167.($2,000yr), Property Mgmt (% Rent) 10% $277, Monthly $100 lawn, Monthy $100 trash, Capital Expendatures Monthly $200,
Total Expenses $1,060
Cash Flow NOI (Cash Available) $1,709
Mortgage $1,256
Total Cash Flow $453
If i do the 50% rule my cash flow after expenses are $282.59 which i am o.k with
so either way to me this seems like a good cash flowing property,
It has newer roof, and updated appliances, new paint, all units currently occupied.
so is there something i am missing?