Quad or Duplex, 1st time eval unsure of numbers

[Daria B.]

I've stumbled upon a duplex (FSBO) and a quad. I'm not able to find a good spreadsheet and wonder if what I analyze for SFR will suffice for multiple family units.

1st time multi for me.

I looked at the quad exterior and the neighborhood earlier today and attempted to put together some numbers based on what I found so far.

Built:1980 (roof is a concern since it's never been replaced. upon visual inspection it needs to be replaced) 

So I'm told, owner bought for son in school and now wants to sell.

Appears current owner has done no upgrades since purchase in 2005

Purchase -

• $237k list (owner purchased in 2005 for $225)
• $188k offer (all systems original including roof) this may change after viewing
• 30yr term
• 4.5% rate
• 20% down
• $150,400 note
• $762.05 (P&I)

Rental -

Called a couple of places with same-like-properties. Asking $795 for one and the other is $650 (not sure why so low).

• 10% vacancy ($2880)
• $800 rent ($3200)
• $333.33 taxes ($4000 2015 taxes)
• $133.33 ins ($1600) (called insurance company and gave them address for a quote)
• 10% R&M ($3520 per yr)
• 10% capX ($3520 per yr)
• $1,106.67 Monthly GOI

Returns -

• 20% COC
• 9.28% Cap Rate
• $1,453.33 Monthly NOI
• $17,440 Annual NOI
• $8,295 Annual Cash Flow
• $691 Monthly Cash Flow

What if anything am I missing? The cash flow looks great and is far and above keeping my nose above water. :)

What else should I be considering with a quad?

Also, if anyone has a multi spreadsheet that will assist me rather than use one for SFR please let me know.

Thanks

[Michaelina Stathakos]

If you are going with a traditional loan company make sure you have the DP % correct. We did numbers for our first quad with a 20% DP and then 2 weeks before closing were told it was 25% DP which can be a total game changer.