your analysis on my 8 plex analysis

[Chuck Rhodus]

Give me the good, bad and ugly on my first rental property please.

I am buying a 8 plex in Indiana for the purpose of rental income. There are no repairs to be done. Here are the details.

monthly rental income $4,325 x 12=51,900

cash flow $1,606 x 12= 19,272

approx. NOI 29,407

cash on cash ROI 41.89%

monthly expenses 2,719 x 12= 32,628

purchase price 157,000

25% down= 40k

financing 117k

5.1% 5 year arm / 30 years

my expenses include tax, ins, water, sewer, garbage, vacancy, repairs, capex, prop mgmt, mortgage.

[John D.]

$500/unit/month rent ballpark, what class is the neighborhood?