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Updated almost 10 years ago,
Is this a good deal?
This is my first multifamily deal, so any advice on the numbers would be much appreciated!
Purchase price: 60k
Financing: conventional loan 20% down, 48k being financed over 15 year am at 5% interest = 379.58 a month
rent is $400 a unit, 3 units = $1200 a month = $14,400 a year
expenses: $7,800
Property management: 10% of gross rent
Vacancy: 10%
all utilities will be paid by the tenants.
Property does not need hardly any work. Brand new roof, water heater, floors have been redone, new appliances in each unit, and it has been painted. I have still included 5k in repairs to be conservative.