Advice on a potential first deal
Details
Property: Triplex
Asking: $179,000
Bid: $150,000
Down: 5%
Interest: 4.9%
Term: 30 Years
Payment: $756
Vacancy: 8.33%
Expenses: 5% repair and maintenance, 5% misc, 8% Property Management, taxes, insurance, ($648/Month)
Rent currently in place: 700/year, 650/Year, 350 Month to Month
Cash Flow: $154/month
Community
Pop Growth: 7% since 2000
Median Household income of $38,000
5% down is based on current savings while keeping a good amount in reserves, I could go 10% with a partner if the forum thinks 5% is impossible. 8% management fee based on a local management company posted pricing. I plan to use Cozy to self manage and will switch if I feel that I can't handle it.
The property has been on the market for 49 days and was originally purchased in August of 2018 for $100,000 which probably means it was a flip. Is a $30,000 discount unrealistic? I feel like the worst they can do is reject or counteroffer.
What do you all think, "yeah sounds legit" or "That's far from realistic"
Most Popular Reply
@Aidan Mulligan
Population growth ..median income is xxx .. and “the areas on the rise “ sound like a bunch speculation bro .
Look You basically have no cashflow . Frankly Your deal sucks . You should be getting atleast 600$ positive cashflow on a triplex each month ..or your wasting time dreaming about things in the future you can’t control for . You need to learn to analyze properties