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Updated over 7 years ago on . Most recent reply

User Stats

3
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0
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Justin Santiago
  • Franklin Park, IL
0
Votes |
3
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Can someone double-check my first deal?

Justin Santiago
  • Franklin Park, IL
Posted

Hello everyone! First time poster, long time watcher. I've used the calculations from the "Calculating Numbers on a Rental Property [Using The Four Square Method!]" BP Youtube video for this deal. Looks like a SOLID first time purchase, but this would be my first buy. Can someone look it over?

Finance is 20% down 30 year conventional loan. Here's by breakdown.

6 units / 800 = $4,800

Total Monthly Rental Income = $4,800

Tax = $320

Insurance = $60

Utilities = $350

Vacancy = $240

Repair = $600

Cap Ex = $600

Mortgage = $985

Property Manager = $480

Snow/Grass = $200

Total Monthly Expenses = $3835

Down Payment = 52,000

Closing = $8,000

Rehab = $15,000

Total Upfront Cost = 75,000

11,580 (Yearly Income) / 75,000 (Upfront Cost) = 15.44%

http://www.realtor.com/realestateandhomes-detail/14035-S-Stewart-Ave_Riverdale_IL_60827_M72822-71698#photo9

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