All Forum Posts by: Account Closed

the 1600 mortgage payment was was including the taxes

Hello bigger pockets 😀

This is my first multi family purchase. I am 25 years old and have experience in construction. I am a electrician and my brother is a electrician and a plumber. It's is in a area that in borderline low income. The house itself is not glamorous inside but is 100% rentable and the tenants stated they were comfortable and happy there. It is a fha loan so I will owner occupy one unit. It is on the busiest street in the town which I think is great for advertising. I entered the numbers into the bigger pockets rental investment calculator and it said a ROI of 64%. That seemed too good to be true. I would just like to know is this seems like a good investment. This will not be my only deal. I'm also currently working on a seller financing 4 plex. Please help analyze this deal. Thanks so much.

Town- East Hartford CT 

Units-4 (fully rented) (3000/ month) (All 1 bedroom units)

Taxes-6100/year 

Rent-750/each 

Repairs needed - roof (will try to have owner pay for cost of roof at closing 10,000$)

Future upgrades- convert the attic into a extra bedroom so two top units with become 2 bedroom units (rent will increase to 900/month for 2 units), replace all windows in the house, install coin operated washer/dryer. I'm a electrician so I will do all labor by myself

Contract price (185,000 with 5,000 seller concession for closing cost) 

Down payment- 3.5% (6,475$)

Mortgage payment- 1600$/month

Fuel type -gas (owner pays for tenant) 

Recent Upgrades- electrical service 

Size- 3100 sq ft with 12 car parking lot and 2 car garage

Built- 1917