Triplex Unit- To buy or not to buy?
Hello BiggerPockets! I am new to rental property and/or multi family property and would appreciate anyone's advice on the below opportunity I am looking at purchasing:
I am looking at a 7 year old triplex unit in TX. The negotiated price is $115k. My local bank is offering 15% down, 7 year note, 30 year amortization. Details with triplex are:
100% occupied, all on one year leases 7 years old, all brick unit 3-one bedroom/one bath units $550/month rent each-$1650/month Landlord pays water/trash- $125
Taxes- $145
Insurance- $100 ??
Property Mgmt- $165
Vacancy- $165
With your experience would you consider this to be a solid first multifamily investment? It seems to be from my end, however, I am newer to figuring multifamily investments. Thanks for your help!!