A little help | second opinion | MF Greenville, SC

[Mario Brown]

So here is the deal that I have under contract, i would really appreciate some good ole BP feedback on this. Thank you for your time. 

Purchase Price -   $239,000

Gross Potential Income-  $48,672

Vacancy & Collections 15% - 7,301 

Net Income - $41, 371

Expenses have been a bear to get out of the seller, but VERY conservatively i have operating expenses at 48% ( Property Management, Utilities, Taxes, Insurance, Eviction costs, accounting  and legal, repair)

This is a classic  value add and re-position, rents are at $500 and should be $700.  

Because the grade, ( C Average) I have increased vacancy and collections from 12% to 15%)

What are your general thoughts?