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Updated almost 7 years ago on . Most recent reply

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Mike Penn
  • Dexter, MI
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3
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Flipper Analyzing my first Multi-family Deal

Mike Penn
  • Dexter, MI
Posted

Hey everyone-

My wife and I recently were approached by someone who offered to sell us their 4-plex in Dexter, MI.  Dexter has been one of the fastest growing markets in Southeast, MI and is a great little town. My wife and I have done a few flips with the hopes of eventually buying rentals for long term cashflow.   Here is our first look at a MF property so I'm looking for some input.

Details:

Age - Built 1977

Condition: Good.  Solid Brick Building.  Roof is good. Newer windows and AC units recently.  Walked all of the units and they are in good shape

Location: Good neighborhood.  Great schools. Easy access and walking to a nice downtown.

Units: 4 - 2bd/1ba 

Utilities- All electric
Asking Price; $300K
Current Taxes: $8100
Utilities: $275 per month 
Insurance: $200 per month
Average Annual Costs Including withdrawals for self-managing fee, Taxes/Insurance and Utilities- $26k per year

Current Rent: 3 Units $850, 1Unit- $800 per unit (tenant pays electric)
Comparable local units for 2br - $900-975

All questions and comments are welcome.

Thanks in advance!

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