Sarasota Small Multi Family / Number Check

[Mark D.]

I'm having a hard time finding properties were I'm making 8% on my down payment in this area of the country. I would like to end up down there. A lot of the realtors I've talked to say " they are hard to come up", "there aren't very many of those", " people want SF". Those all sound like excuses to me. I'm looking for 3-6 unit buildings. Does anyone have experience in that area of the country with those types of buildings. 

I did find a duplex that does make 8% do these numbers look right? Could this be  property worth investing in? It's only a duplex so that is kind of concerning b/c it's so small when I'm trying to get into something bigger.

List / down payment

200,000 Cost

50,000 down payment

7,000 closing cost

57,00 Total down payment, and closing

Interest rate

5.0

25%

150k loan

30 years

1,162 monthly (including tax and insurance)

Gross Income

Unit 1 $925

Unit 2 $925

1,850 monthly

22,200 yearly

Expenses

1,785.00 tax (included in mortgage)

2,500 insurance (included in mortgage)

1,000 misc

800 Lawn

2,220 management

13,944 Mortgage monthly

17,964 Total Expenses

Net Income

4,236 Yearly

Net profit after all expenses and tax

4,236 Yearly Total = 8.2% return on your 50,000 investment