Duplex Analysis- Help- How does this look and what else needed?
Email I received:
"Deal fell through do to financing and we are looking for a quick close.
3 beds 1.5 baths each side with a living room and den or potential 4th bedroom downstairs.
Both have a single car garage and an additional storage space.
Total Square Feet 2,675
Lot is 50 x 169
One side in great condition and is rented to a relative MTM. The other side is vacant and needs to be rehabbed to rent. Probably about 10k to get top rent in the area. Roof is less than 5 years old HVAC and Windows are new. Both sides can be rented for $1,400 each.
Asking $235,000"
** No pictures sent and none in the MLS from previous listings so they have been requested
** Numbers I calculated if they will take a financed offer. I do not want to pay cash- it would be all I have- if this is a mistake, please let me know alternate solutions. I am open to being creative.
$2,800.00MONTHLY INCOME
$1,749.56MONTHLY EXPENSES
$1,050.44MONTHLY CASHFLOW
10.09%PRO FORMA CAP
$23,702.00NOI
$76,298.00TOTAL CASH NEEDED
16.52%CASH ON CASH ROI
10.09%PURCHASE CAP RATE
--Any thoughts or opinions on this? What additional info do I need that I should gather before going to see the property?
Thanks so much!