Out of State 4 plex purchase

[Damian White]

Hello everyone.

 I found an out of state 4plex How does this analysis sound?

Purchase Price: $188,900.00 Purchase Closing Costs: $3,999.00 Estimated Repair Costs: $0.00 Total Cost of Project: $192,899.00 After Repair Value $188,900.00 Montly Income= $2400 MONTHLY EXPENSES =$1,623.92 MONTHLY CASHFLOW =$776.08 Pro Forma Cap = 9.69% NOI = $18,310.00 Total Cash needed = $51,224 Cash on Cash ROI = 18.18% Purchase Cap Rate = 9.69% This is just at the asking price and this is just an initial analysis. I will ask for a lower price. I happen to be near the property but it is half way across the country. I have included property management fees in my analysis as well. Phoenix is just not getting the awesome returns that I am looking for so I am looking out of state. Any comments or concerns?? In addition I don't wanna use up all my cash for this property. Any creative financing options you would recommend? Regards

Damian