Deal Or No Deal?

[Mark Beekman]

I just wanted to run these numbers by everyone here to see if this is a good deal or not.

- It is an 8-unit building with a listing price of $255,000.

- Annual operating expenses of $15,000 or 1,250/month (includes taxes, insurance, trash, sewer, and all utilities paid for by the landlord).

- mortgage is $1600/month, or $19200/year

- annual rental income, assuming all units are filled at current rent prices,
is $52,000 or $4,333/month.

The building and its units don't look very good cosmetically, but then again I'm not going to be living there. Does this sound like a good deal?