4 unit deal in Chicago suburbs

[Jay S.]

Looking at this 4 unit deal.  Numbers are as follows....

This is my first deal and am looking for some more experienced guidance.

Monthly Gross Rents: $3700

Laundry & MISC: $100

Annual Scheduled Income: $45,600

Vacancy 2% & Loss: $1000

Gross Income: $44,600

Expenses:

Taxes: $10,000

Insurance: $1500

Trash: $600

Lawn Maintenance: $800

Snow Removal: $500

Gas: $500

Electric: $1300

Cleaning/Janitorial: $900

Repairs: $1000

Turnover Replacements: $1500

Legal: $300

Total Projected Expenses: $18,900

Projected NOI (before debt service): $25,700

[Ibn Abney]

@Jay S. few things:

1)All Relative. How much is the purchase price and what area?  

2) 2% for repairs seem low for a 4-unit. 

3) 2% for vacancy seems low as well. 

4) i would go 10%-15% overall for a vacancy and repairs budget. dependent on area and tenant base. At $925/unit the tenant base will be alot rougher on the unit than you are planning. That brings the NOI down to $21,160

5) insurance looks low too. I would validate that cost. especially if in the city of Chicago.

Good Luck