Advice on a multi Family Deal
Hey all, just looking for a little input/number check on a potential deal. I have been looking for a nice multifamily. I plan to live on one side for about a year or two.
Duplex: 3/2 on both sides (1693 sq ft on each side), built in 1997. The duplex is located in a Class B neighborhood in Fort Worth TX. Property is in really good shape but may need some minor updates to get top rent in that area.
I plan to live in one side for a year or two but I ran the numbers as though I’m going to rent out both sides and hire a property manager.
The sellers asking price: 599K
5% down ($29,995) (Purchasing as a primary)
30 year note @4.50%: $2887.62/Month
Insurance: $160/Month
Taxes: $566/Month
Total Mortgage: $3614/Month
Rent: $2500/side
CAPX: $250/Month
Mx: $150/Month
Vacancy: $150/Month
Property Management $400/Month
--Cashflow: $435.79/Month
*Zero management cost for the first couple of years but I want to
*Both sides are currently vacant I plan to live in One side for 1 – 2 years and rent the other side out. I don’t see a problem with finding tenants because it’s in an up and coming area.
Any input/advise would be appreciated! Thanks all!