Updated almost 9 years ago on . Most recent reply
Deal Analysis - Multi-Family in Charlotte, NC
Dear Fellow BP Members - I am a part time investor (did 3 SFR deals so far) venturing into MFR for the first time and would appreciate any insights you can provide.
Information for the MFR (all units combined)
- Property Price - $450,000
- Age - 11 years old.
- Tax - 1.5% annually
- HOA - $900/month (HOA is responsible for everything exterior, so no roof expenses etc..)
- Rental Income / month - $5000
- Vacancy (assumption) - 1 month / year
- Cap Ex / Maintenance (assumption) - $600/month
- Macro market is definitely good in the Charlotte area - although, I wouldn't like to factor in any appreciation.
2 questions for the community :
When I did my math, the deal sounds 'okay' to me? What's your viewpoint?
Since this is a 5-plex, would I need a commercial loan?
Would greatly appreciate any insights. Thank you!