Questions Before Small Apartment Purchase

[Winn Merwin]

Hello BP,

We are approaching a contract on 8 units in 3 houses built between 1890 and 1900. We are nearing a seller financing deal. They are in a good area but historical district which I understand has some challenges associated with fixing up the place. They seem to be in relatively good order but poorly managed. 

All water and power are individually metered.

I have been given the income and expenses and just wonder if any expenses have been left off. Let me know what you think.

I have considered Expenses as:

Vancancy, (3 units currently vacant)

Cap Ex (likely to need to roofs soon, HVACs are newish, unsure of water heaters)

Maintenance (assume 6% to keep up the property, will adjust after inspection)

Lawn Care (currently $300/mo. assume I can keep that contract.)

Taxes (Currently $3100)

Insurance (not sure what to expect, guessing 1200/property)

Flood Ins: Not needed in this area

Thanks in advance BP community,

Winn and Kaitlin Merwin