Please Help Analyze This 12 Unit Apartment Purchase

[Brad T.]

Hello Everyone,

  I have just placed an offer on a 12 unit (3 fourplexes).  Can you please give me your thoughts on the deal.  The numbers seem to be good to me.  Any advice would be appreciated.

Offer price $800K

Owner financed, with $100K down, 30 year amortization, 5% interest, 10 year term

Fully Rented at $800/mo each $9,600 gross monthly rent

$8,300 monthly cost including vacancy, maint, taxes, insurance, property management

I am calculating a 8.7 cap and $69,850 NOI

Thanks for your input!

Brad