New investor what do you think about this property???
So I found a 8 unit multifamily asking $325k. All 8 units rent for $800 including utilities. I did an analyst on BP which I provided below. Let me know what you think. I feel it is a pretty good deal since I ran the numbers at $5000 off asking price. I would prob not go in at that because this property has been on the market for close to a year.
https://www.biggerpockets.com/calculators/shared/8...
I have looked into the area. It is the 7th largest county in IL based off Population. 34% of the population rents and the median age is 38 with an average household income of $49578. Numbers were based off a 2015 census.
Now to figure out how to raise the down payment and do a little more research into the property and area.
Let me know what you think...