Looking for Feedback/Advice Before Making an Offer

[Abena Cannady]

Hey BP! I'm looking to put in an offer on my first multi-family property in MD soon. I've run the numbers using the BP calculator but I'm not confident in my analysis so would appreciate some advice from you guys. What are your thoughts on the deal? Am I overlooking anything? What would you offer?

It's 5 units. 1900 built, well maintained with lots of original character. Units could use new kitchens but would do as tenants turn over.

Asking: $550K (definitely think that's too high)

Rents: Currently $4250 (slightly under market. could get additional $100-150 per unit as is)

Additional income: could rent 2 parking spots for $100/each monthly and add laundry facilities.

Expenses: $31,150

Thanks all!