All Forum Posts by: Wade Garrett
Wade Garrett has started 28 posts and replied 61 times.
Post: My First Multifamily Deal Advice
- Montvale, NJ
- Posts 61
- Votes 28
Hi all, interested to hear your thoughts on a property I am in final negotiations with:
4-unit residential in New Jersey.
One 3BR, two 1 BR, one studio. (rent slightly below comps)
One building, double lot property with large backyard and potential to subdivide.
Free standing two-car garage, driveway parking, shed, unfinished basement with ample storage. Unfinished attic in 3BR for storage.
New (under two years) boilers, furnace, bathrooms, kitchens.
Fully rented.
Price $430k
GOI: $52,200
Taxes + Insurance: $14,600
Vacancies / Gas Heat / Maintenance (estimate): $8,250
On-site property manager landscapes and repairs for discounted rent.
With a 20% down payment I get a 9.32% cash on cash.
Your thoughts on this deal? Anything I might be missing?
Thanks....