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Updated over 7 years ago,
Can someone double-check my first deal?
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