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Updated over 1 year ago,

User Stats

12
Posts
11
Votes
Kyle Banks
Pro Member
  • New to Real Estate
  • Illinois
11
Votes |
12
Posts

First Deal - What Am I Missing? Need Some Help...

Kyle Banks
Pro Member
  • New to Real Estate
  • Illinois
Posted

BP - I have a deal and I think it's good, but I can't get the math to add up and I feel like I am wanting it to be too rich, or I am missing something. 

4-plex, built in 1900

2 - 1/1 (currently rented for $760 and $900.  ONe has been renovated, one has not)

2- 3/1 (one currently rented for $1,350 and one working to get approved for $1,850 for section 8)


Off market purchase price of $460,000 in Ohio

I show new property taxes will be roughly $750 a month.  We will use a property management company, so planning roughly 10% there.  

With both 3/1's rented at the current $1,350 rate, the 1% rule falls just shy. New roof this year, 3 new water heaters (1 older). 

 I am struggling with analysis paralysis.  I want to close my first deal, but don't want to rush something. 

What is your take???

  • Kyle Banks
  • Loading replies...