Advice needed on first multi

[Dan Crenshaw]

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!

[Mike Hanneman]

How much for utilities? Most 4 - units are shared water and that can run up your numbers. Is the water seperatley metered?

Why would the seller let this deal fall through for $4000? Did you already get the seller to come down a lot? Then at the same time why would you let this deal fall through for $4000 if it's that good of a deal? If you are that sure about your numbers and the deal still makes sense after $4000 then you should still go for it.