All Forum Posts by: Matt Albright

Yes. Checked it out. Pleased with the unit conditions. Exterior was decent. Didn't get a good look at roof since it had snow on it.
It was a multiple offer situation with about 5 or 6 others. We made and offer and it was accepted!
We'll see what inspection identifies.

Thanks for the reply's. With my limited knowledge, I would consider this a C neighborhood. Definitely not D, probably not quite B. 
Downtown environment, 1 block off a college campus. Verified numbers and verified expenses from Sch E docs. 

Looking for some insight on my first investment property.
Things to consider:
Peak market. The property will likely not be more valuable that it is now.
Intended purpose of the investment is for cashflow and long term hold.

The basics of the listed property are:
Listed at peak value ($110,000)
3 Units:
2 bed 1 bath occupied and renting at $800
1 bed 1 bath occupied and renting at $650
1 bed 1 bath occupied and renting at $650
Total rent income: $2100
Conventional financing at 20% down. 15yr/30 baloon.
Owner expenses (insurance/utility/taxes/Etc.): $7600k/annually
After putting away for vacancy/cap exp/management exp/repair/maint. I'm coming up with Total operating exp: $1557/mo
Positive Cashflow: $540/mo
2% Test is at 1.8%
Cash on Cash ROI: 20%
Thoughts? Am I missing anything?

Looking for first rental property. Here is what I am considering: 
Single family 1 Bed, 1 Bath. Asking price $25,000. (estimated market value is $37,000-44,000)
Newer roof, water heater, furnace.

Rent goes for $575-$650 in this area for this type of house.

Ran numbers through BP's buy and hold analysis and seem ok to me. Would like to get feedback from other members. This would be a first rental property for me. Not first property, we have renovated and bought and sold properties. New to rentals though. Please advise. Thanks!