[Calc Review] Help me analyze this deal

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I have this property under contract in Memphis TN. The average 1 bed 1 ba rent in that area is $500.

Tenants are currently at $400 on no leases. We will need them to sign a month to month lease before close with the pre existing owner. 

We have our inspections coming in this week. I think its a decent cashflow option. Will need to purchase cash and then refinance out into a long term loan.

What are your thoughts about this property and the numbers?

Hey Jordan! 

I just did a second analysis for you. Numbers still run well. I advise you to always run the purchase price 5k more then what the listing says - 10% for vacancy and 10% for management - $600/door for taxes and always put the rents $150 less then what the average rent in the area is. This will filter out 99% of the properties that you analyze, although, when you find deals that run well with those numbers, go back and realize that you'll be getting $1-$200 more per month in cash flow. 


Over the past few weeks I have put together an excel spreadsheet containing data relevant to todays unpredictable market.  I have created a spreadsheet with the 15 highest ranked/most potential growth cities in the US. This document holds information from basics such as crime rate and unemployment rate to TOP ranked neighborhoods in that city with the average rents, average cost/sqft, and so much more. This is all relevant data that can help you make your next real estate purchase, the smartest way possible. Save the hassle of exploring markets and information as I have it all condensed into one form for you with markets you didn't even know we're cash cows.

These cities are nationwide. I have also been in contact with multiple agents and investors from each state to verify the accuracy of my data. Ive sold 68 of them so far at $125. Let me know if you're interested in one. 

Noah