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Updated almost 6 years ago on . Most recent reply
Utah Rental Analysis Feedback
My wife and I have saved up a down payment and are moving to Utah soon so we've really stepped up our search. We currently manage a 30 unit apartment complex in San Francisco so we feel like we'd like to start with a house hack of a duplex or triplex when we move to Utah. I'm wondering if any members might be willing to give me some feedback on deals that I analyze? I just want to check that I'm not missing anything in my analyses.
Here is one property I've recently analyzed: https://homes.ksl.com/listing/40316317
I'm not a pro member yet so I had to take a screenshot of analysis - I've attached the results. It looks like this property isn't going to cash flow very much but I'd be interested to see if anyone comes up with the same results.
Are people finding multifamily rental deals in Utah? What is the best way to find those types of deals? I've been scouring the MLS and KSL and am having a hard time finding anything that cash flows more than $100. Any feedback would be really appreciated. Thanks!
Most Popular Reply
Matt, I work for the couple that was on Bigger Pockets 288. We are based in Provo/orem and we currently have 30 off market deals. I have info on the first half that I can send you if you are interested? Send me a message and I'll email you the list.
I also have some good contacts for lenders, contractors, and agents that can help. I am an agent myself but I am happy to share whatever knowledge and resources I can with you.
As for your analysis. I think you did a good job from what I can see. I think due to the age of the home you will experience some deferred maintenance and repairs. I think the loan costs would be a touch higher and the interest rate could be higher.
The income on the listing says they are getting $1,100 for the accessory dwelling unit so I am unsure how your expected income is $2,200? Maybe you are thinking about renting the whole house or something? I can be available to chat anytime if you need help on the Utah market!
I am looking forward to talking with you.
Kind regards,