3 Unit Property in Upstate NY

[Jeffrey Bourque]

Fully occupied rent total $2100 but long term tenants want to stay and rent increases and leases are agreeable to move total rent to $2300

I am in middle of finalizing a transferable contract that I will sell for 86.5k

separate utilities and owner pays water which averages at $200 month.

NY taxes are a bit high at $6300

Property seem to be in sound shape with no majors lurking but I have not done a on site inspection yet.

My evaluation sheet which consist of 20% down at 7.5% interest rate shows a 15%+ Cash on Cash starting on day one.

GROUP LOAN AMOUNT$68,000.00   PRICE$85,000.00   INTEREST7.50%   OWN PAYS MON$225.00   TAXES YR$6,300.00

DN PAYMENT PERCENT20.00%   DN PAYMENT$17,000.00   LOAN PAYMENT$452.41   INSURANCE YR$1,600.00

TOTAL RENT$2,300.00   

MAINTENENCE CAP EX-11.00%-$253.00 / VACANCY-5.00%-$115.00 / INSURANCE-5.80%-$133.33 / TAXES-22.83%-$525.00

PROPERTY MANAGEMENT-12.00%-$276.00  /  OFFICE-4.00%-$92.00  /  OWNER EXPENSE-9.78%-$225.00  /  LOAN-19.67%-$452.41

TOTAL EXPENSES-90.08%-$2,071.74  /  MONTHLY CASHFLOW-$228.26  /  YR CASHFLOW-$2,739.13  

CASH ON CASH 16.11%

WHO WANTS TO BUY MY FIRST WHOLESALE PROPERTY?