Property Analysis 4 unit in Waukesha WI
Please find below the details for a house hack via VA loan on a 4 unit in Waukesha. Please let me know what you all think.
Listing Price: 359,900
Offered/Agreed Price of: 359,000 w/ $9,900 Seller Credit
Down payment: Zero
Closing cost: $1,500 (EMD)
4 units - 2BD and 1BA - built in 1967
Current Leases until 3/31/2021
Unit 1 = $745.00
Unit 2 = $850.00
Unit 3 = 775.00
Unit 4 = 775.00
Total = 3,125.00
Rentometer - low $839-$941 High
Owner Occupied at $850.00
|
Income: |
$2,551.00 |
$30,612.00 |
|
Mortgage Pay: |
$1,450.67 |
$17,408.04 |
|
Vacancy (8%): |
$204.08 |
$2,448.96 |
|
Management Fee (10%): |
$234.69 |
$2,816.30 |
|
Property Tax: |
$541.67 |
$6,500.00 |
|
Total Insurance: |
$125.00 |
$1,500.00 |
|
Maintenance Cost: |
$583.33 |
$7,000.00 |
|
Other Cost: |
$166.67 |
$2,000.00 |
|
Cash Flow: |
$-755.11 |
$-9,061.30 |
|
Net Operating Income (NOI): |
$695.56 |
$8,346.74 |
Fully Occupied at $850
|
Income: |
$3,401.00 |
$40,812.00 |
|
Mortgage Pay: |
$1,450.67 |
$17,408.04 |
|
Vacancy (8%): |
$272.08 |
$3,264.96 |
|
Management Fee (10%): |
$312.89 |
$3,754.70 |
|
Property Tax: |
$541.67 |
$6,500.00 |
|
Total Insurance: |
$125.00 |
$1,500.00 |
|
Maintenance Cost: |
$583.33 |
$7,000.00 |
|
Other Cost: |
$166.67 |
$2,000.00 |
|
Cash Flow: |
$-51.31 |
$-615.70 |
|
Net Operating Income (NOI): |
$1,399.36 |
$16,792.34 |
This projects are on the higher side after slight work, I'm not sure how much needs to be done. My inspection is tomorrow and I will find out more after the inspection. I know there is not much cash flow but I just wanted something safe and secure in a nice area. I can cash flow positive if I place some work in the property and get $950.00 then I'm cash flowing $279.89 per month. I wanted to get a lower price after the inspection and see what I can get reduced after learning more in the inspection. VA loan no money down.
Please let me know your thoughts.