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Updated almost 8 years ago,
16 unit apartment, good deal?
Looking at a deal and need advice since only experience has been residential investing of single family. Here is the info I have for 2016. This is a 16 unit apartment complex that are all 2/1 units.
Income 123,440
Expenses
Cleaning and maintenance 12385
Insurance 3150
Management fee. 5050
Mortgage interest. 30071
Repairs. 5240
Security deposit refund. 550
Supply's. 2333
Taxes. 14643
Utilities. 19853
Total expenses. 93496
Overall total. 29943
The asking price is 1,200,000. Very low vacancy rate in area. Any advice would be appreciated. Also any creative way to do commercial financing considering I only have around 100,000. Thanks