6 Plex Analysis

[Rick L.]

I have the opportunity to purchase an off market 6 family building in the metro East suburban area of St. Louis (Not East St. Louis).  The seller has stated they're wanting to free up cash to pay for their daughter's college education.  I haven't asked to verify any of the financials YET, however based on what the seller has initially disclosed the property looks like a great deal if the numbers are accurate.

Asking Price: $220,000

Gross Rental Income:  $3450

• Two 1bd Units
• Four 2bd Units

Insurance:     $1500 (seems low)

Taxes:           $4000

Utilities:         $330/month (Water, Sewer, Trash)

Property built in 1970.

Seller purchased property in 2013.

Property located in transitional area/lower income area, but low crime area

Property located within mile of High School and elementary school.

New Roof 2013

4 of 6 Units have been remodeled (pictures look very nice)

Stacked Washer & Dryers supplied in units

I would appreciate your opinions!