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Updated over 8 years ago,
Advice needed on first multi
I ran into a little bit of a snag, and need a little help. The 4 family property I have under contract under-appraised, but just slightly. Here are the details:
Purchase price: $439,000
Down payment: 5%
Property taxes: $7100
Gross rent: $4800
PITI with PMI: $3088
Other expenses: $1000
(Calculated) Monthly cashflow: approx. $700
Appraised at $435,000 and the seller is not willing to come down to that price, so I'd have to come out of pocket the other $4k. If my math is right, the numbers still look pretty good, but I'm still somewhat new to this whole thing. Any and all help and advice would be greatly appreciated. Thanks!