My First Apartment Building

[Kendra Levy]

I need help analyzing this deal! The numbers seem to work...I need all the advice I can get...

What information am I missing? Would you buy this deal?

16 unit apartment building located right on the main street in town. Current owner purchased in 2003 and made several upgrades to the property with roof and siding replaced in 2006. 8 one bedrooms and 8 two bedrooms. Natural gas installed for heating and hot water. Laundry room needs updated. All repair parts and equipment to be included. Great location for those that need to walk to work. Near several restaurants, banking and churches. Lots of potential. Each unit needs some updating, but I don't have specific dollar amount since I haven't had property inspected yet.

Asking price:$450,000

Monthly income/expenses=

Rent 1 bedroom:$350

Rent 2 bedroom: $450

Insurance: $250

Natural gas: $350

Water & sewer: $315

Handyman: $550

Repairs: $200

Trash: $180

Real estate tax: $375