Help Me Analyze This Deal!
Thank you to anyone who looks at this deal!
Purchase Price: $600k
Units: 8 (2 quadplexes next to each other)
Current Rental Income: $6,915
Current Expenses - TOTAL $2,365.17
Taxes: $232.50
Insurance: $200
Gas & Electric (landlord paid for now): $571
Water & Sewer: $320
Trash: $41.67
Property Management: $1,000
The plan is for my partner and I to each purchase 1 of the quads ($300k each) with individual FHA 3.5% down loans. This would then take the deal to:
Rental Income: $5,396 (owner occupied)
Expenses - TOTAL $1,365.17 (now will be self managed)
Taxes: $232.50
Insurance: $200
Gas & Electric (landlord paid for now): $571
Water & Sewer: $320
Trash: $41.67
Debt Service - $3,315
Cash Flow - $716 while we are living there and increasing to $2230 after we move out.
The plan is to purchase the place under an LLC with 50% ownership of each with 2 separate loans on the properties. Let me know what you all think!