[Calc Review] Help me analyze this deal
*This link comes directly from our calculators, based on information input by the member who posted.
I found a property that I believe sounds good on paper. I have not seen it in person yet, as it's over an hour away. It's a single-story, brick 4-plex (8 beds/4 baths) with full basements, that was built in 1987. It's in Illinois, and I'm in Wisconsin, so I'd need to hire a property management company. From the pictures, the place looks to be in good shape. Three of the four apartments have new stainless appliances, flooring, and fixtures. I do not know the age of the roof, HVAC, etc. I have used 8% capEx and 5% repairs, and $10K for repairs (updates to 4th unit) and will adjust after seeing the property - if it gets past this initial phase of number crunching. For the rental income calculation I used HUDs fair market rent for this city.
Additionally, this property is 7 minutes from the Wisconsin-Illinois border. Recreational marijuana will be legal for all adults in Illinois beginning on January 1, 2020. I'm unsure if, and how, this may impact real estate properties.
To date I have one SFH and I'm looking to expand into multifamily buy and hold.
At this point I'm wanting feedback on how realistic my numbers are or aren't. What am I sugar coating?
Some pictures of the property:
TIA,
Cheryl