Hey everyone this is a 4plex (2 bed 1 bath in each unit). I want to get more comfortable analyzing so all feedback is much appreciated.
Looks like you're planning to owner occupy? Reason I ask is I see the 10% down assumption. If that isn't the case, I'd assume 20-25% down.
Next, if your ARV is $285K and you have $10K of fix up, I'd back the $10K out of purchase price and likely another buffer to allow for other unforeseen items that may come up post closing during the fix up process.
Expenses look reasonable, but I'd confirm taxes by cross checking against the county site. Also, may be a good idea to get a soft quote from an insurance broker on what to expect. I had a 4-plex (different area) and was paying about $1500/year.
Lastly, is water paid by the tenant? On something this size I'd assume that the landlord would pay the water bill as there is likely only one meter. You could potentially bill back something like a flat fee to recoup as much as possible if your market and leases allow it. Just some initial thoughts when looking at the numbers.
@Kern Belfon , I'll echo @David Alvarado 's points. Looks like you plan to owner-occupy as you have PMI as an expense. Is the $3400 income with you living there or with all 4 units rented? You should run the numbers both ways. Don't forget that you have to figure CapEx, repairs, water/sewer based on having all units rented. Those expenses don't go down just because you're living there.
What about lawn care/snow removal?