Are my calculations correct ?

[N/A N/A]

Hi,

The point of this message is to try and find out what a good real estate investor does when crunching the numbers before they acquire real estate. Can you please look at what I did below and tell me the pos. and the neg. of what I did. I would appreciate everyones comments and opinions.

Thanks.

5 Unit aparment house in Rhode Island
7 Parking spaces for add. income

Aking 299,000
Purcahsed for 250,000 ( 16% less than asking price ) 299,000 - 250,000 = 49,000 / 299,000 = 16
( 25% Down{50,000.00})

200,000 mort.
30 Years
7.8% fixed
1439.74 month

Rental Income
525.00 for average unit ( This may be off for this area or not )

Gross Monthly
2625.00

Yearly Gross
31,500.00

Parking Space Income
175.00 month ( 7 x 25.00 = 175.00 )
175.00 x 5% vacancy = 105.00

Parking Space NOI 1995.00 yearly

Expenses

Gas ( 50.00 month, 600.00 yearly )
Electric ( 100.00 month, 1200.00 yearly )
Water ( 70.00 month, 900.00 yearly )

Total Utilities ( 220,00 month, 2640.00 yerly )

Vacancy ( 131.00 month, 1575.00 yearly) (31,500 x 5% = 1575.00)
Taxes ( 275 month, 3300.00 yearly )
Insurance ( 100 month, 1200.00 yearly)
Yearly Rehab ( 75 month, 900.00 yearly )
Yearly Maint. ( 75 month, 900.00 yearly )
Lawn ( 50 month, 600.00 yearly )
Miscellaneous ( 25 month, 300.00 yearly )

Total Operating Expenses ( 951.00 month, 11,412.00 yearly )

Yearly Mort. ( 1439.74 month, 17,278.88 yearly )

( 14,052 expenses + 17,278.88 mort. = {Total expnses and mortage}= 31,328.88 )

NOI ( 31,328.88 - {1995.00 + 31,500.00} 33,495.00 = 2166.12 profit)

Projected Monthly Profit ( 180.51 )