New Investor / Analysis Multi-Families

[Samuel Jones]

I’m trying to practice calculating the math of a multi-family deal by practicing step #2 (Practice The Math) from Brandon Turner 8 simple steps to get started https://www.youtube.com/watch?v=u83O2l1QEj4&list=LLlvU7zNyF1bwxStbysW2qOA&index=7&t=0s. I'm very fresh to real estate investing, trying to figure out what variables I'm missing in the equation below. Any help you can offer is appericated.

Here's The Property

https://www.redfin.com/LA/Kenner/913-Calhoun-St-70062/home/85196649

- Property Value: $179,000
- Property Type: Duplex
- 2bed 1bath 650sqft (per unit)

- FHA Loan with 3.5% down ($6,265)
- Estimated monthly payment for property ($1,103) * taxes and everything else included in price. Estimated cost came from RedFin

I found rental comps using Zillow at around $1,100 for 2/1 but they all had a bigger sqft (avg was 900-1000sqft)

So I’m guessing rent would be aroound $950 because of the smaller sqft, which is less than the full mortgage.

$950 rent - 1st tenant
$950 rent - 2nd tenant
———————————-
$1,900 - $1,100 = $800 extra

- $400 goes to property maintenance
- $400 goes in my pocket

Is this math off? Am I missing any variables? Should I trust the numbers from Redfin?

Thanks Sam,