All Forum Posts by: Seth Hudson
Seth Hudson has started 1 posts and replied 4 times.
Post: 8plex for sale at 150k but appraised at 88k
- Posts 4
- Votes 0
@Dennis M. I’m not sure who the assessor was, I just got that information off beacon.com
@Ali Boone the rent ranges are 550-700 per unit. Thank you for your advice. I will keep that in mind during my walkthrough.
Post: 8plex for sale at 150k but appraised at 88k
- Posts 4
- Votes 0
@Tim Herman after subtracting mortgage, 10k for repairs/maintenance, property tax, property insurance, licenses, and everything else you can imagine, I have a cap rate of 14%. Are you saying that a cap rate above 10% is considered decent?
@Steve Vaughan Yes, I was referring to the total assessed value from 2018
Post: 8plex for sale at 150k but appraised at 88k
- Posts 4
- Votes 0
@Tim Herman my NOI is valued at 21,558 with a cap rate of 14%. NOI / 0.14 = 153,986
Post: 8plex for sale at 150k but appraised at 88k
- Posts 4
- Votes 0
I am looking at an 8 plex as my first rental property. it was built in 1987 and comes with renters whom have been there anywhere from 2-6 years. It cash flows 100 each unit coming out to 800/ month. The seller has offered to be “the bank” and borrow from them with a 5% apr and requires zero money down. The appraised value of the property and land only comes to 88k and the seller is asking 150k. Is that normal for rental sellers to ask for so much above the appraisal value?