Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 6 years ago,
Struggling to analyse my first deal in Lansing Michigan
I'm trying to analyse my first deal in Lansing Michigan but I'm having a hard time with the numbers. I'm not sure how to find accurate or near accurate numbers. I've never analysed a deal before. I tried to use the biggerpockets calculator but for a lot of the values I simply don't know what value to put in for my area.
I'm looking at a 4 bed, 2 bath SFR. It is currently renting at $973. It was purchased in 2010 for 35,000. I'm using Propstream for analysis and I'm not sure how accurate their numbers are. Average comps are showing $73,687.
Estimated value of the property is 74,963.
I don't know how to estimate costs accurately. I don't know what my potential mortgage terms will be. I'm not sure what the ARV would be on a house currently being rented out. I haven't been to the property but I wanted to be able to have a ballpark idea of what I could expect in returns from the property before visiting. The seller isn't very motivated to sell but they are "open to offers."
I have no idea what the estimated repair costs would be without visiting the property. No idea what to put as the closing costs.
What's the downpayment typically on a standard 30 year fixed mortgage in my area? Average loan interest rate?
How do I find the average cap.
How do I estimate monthly insurance accurately? Elecricity, Water & Sewer, Garbage.
Repairs & Maintense, Vacancy, and management fees seem to be pretty fleshed out in the calculator. Also I might be able to do cap Ex but I don't see how I can without actually going to inspect the property.
How do I find these numbers for my area? I typically learn best by someone walking me through processes step by step but I don't know anyone who would be willing to do that.