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Updated almost 8 years ago,
Is this deal a home run?
I recently found a fsbo 2 br 11/2 bath duplex with 9 storage units.
property is 12yrs old a d above average condition. the owners built it right, metal roof,vinyl exterior,tiled floors ect.
property generates 2230.00 monthly at full occupancy.
expenses are as follows
taxes. 308.00
Insurance. 82.00
trash. 33.00
water/sewer. 40.00
lawn care. 200.00
repairs/cap exp. 87.00
total expenses. 750.00 monthly
155000 purchase price
bank finance 112000@ 6% 15yr payment 1046.38
owner finance 43000@ 5% (231 monthly)10 yr balloon payment of 35208.
this would give me 12000 cash back. minus closing cost I should walk with 7500 in my pocket also. I realize there would be little cash flow, but I have 31 other doors that will be free and clear within 5 yrs.
I am interested in what others think of this deal? Is it a home run or am I missing something?