All Forum Posts by: Sean Malone

The lender requires that because Im not ready to buy it as my residence so it will be financed as an investment property. I was told the water and sewer cost about $70/month by the list agent so I rounded up. I forgot about the pest control, that was quoted at $44. Trash is paid by tenants along with electric. As far as repairs it looks to be mostly paint and other cosmetics like re sanding and staining the hardwood floors which id do myself

Im a virgin landlord looking to buy my first rental and was hoping to get some feedback on my analysis before I make and offer. Iv over estimated the expenses that I have verified and under estimated the rents.

Building 4 units built in the 1940s. Asbestos shingles in good shape. Screw fuse circuit breakers. central air units from around 2008, Roof redone in 2010. Plumbing is pvc. Located on a busy street but in a great area.
Purchase price $105,000
Closing costs $5000
Repairs $5000
Down payment $35,000
Total cost $115,000

Rent $425/unit(3 are filled currently at 450 each)

Expenses(per month)
Taxes $120
Insurance(to be verified before offer) $120
Water/sewer $100
Repairs $160
Capex $80
Vacancy $80
Management $160
Mortgage $430

Total expense $1250
cash Flow $450

How does it look? Did I miss anything major? Thanks