Analyze first property

[Kelsey Folger]

We are nearly under contract for our first rental property! Here are the numbers. Deal would be all cash (can’t finance until roof is replaced)

Triplex in Northern MI

Pay:139k

Needs roof:10k

All units have long term tenants: gross rent 2,100 per month

ALL utilities included —-we are looking to split electrical first

Property manager will take 10%

Property taxes $3,200 year

Utilities $7-8k a year

From what I can gather, the property will cash flow at around $300-400 per month until the utilities are split.

Would you do the deal? Any advice as a beginner?