Updated over 15 years ago on . Most recent reply
Multifam under contract - deal or no deal?
I have a 290~300k triplex in Westerly RI tied up under contract for 242k. Seller willing to finance 33k. Currently fully occupied (but filthy) with yearly rents of 24k. Could be cleaned up and rented 30k a year I estimate. All utilities paid by tenants. Taxes 3k, Insurance about 1200. Seller did roof, windows and siding recently.
Working with private money for 180k and the rest will be cash.
It seems a bit tight (prob negative) on the monthly and considering not doing the deal. However a refi will make it cash flow about $500 I estimate.
Thoughts?