Updated over 12 years ago on . Most recent reply
deal analysis how's does it look
Looking at a two unit apartment building, thats been completely remodeled. 5 yr old roof, new carpets, appliances,drywall and even the brick work outside has been completely tuck pointed. The Owner seems to have done an excellent job taking care of all his properties. rents are 450 & 475 which is right on, for our area, will try to bump the 450 unit up $25 to match. Owner has thirteen properties and is selling do to divorce. This would be the one I thought I could manage without any problems, for my first deal. I met one tenant, great lady in her fifties, been there 2 years. other unit rented to younger man, and seems to be a very clean person. He's been there just over a year.
Numbers are as follows:
$925 monthly income
$876 Property taxes
$462 Insurance
$600 maintenance
$50 advertising yearly
$150 Administrative yearly
Finance amount $ 65,000
5.2 percent interest 30 yrs.
$ 13,000 down
$1625 Closing cost
What you think?
Do the numbers look good? or would you
pass on a deal like this?