Off Market Offer Accepted

[Felix D Menendez Jr]

Found a property that looked like it wasn't being taken care of. I was able to locate the owner and reach out, we spoke about the property and my experience and goals as well as the owners expectations. I was able to meet the owner over labor day we walked the property we talked more I made an offer it was countered then I countered the counter and my offer accepted. This is my first rental and is being done off market, not bad for a first timer. I had not intended on purchasing an off market property so im learning this process as I go, currently awaiting seller P&S from attorney.

Asking Price $169,999

Purchase Price $160K

Seller to pay $7500 towards closing

2 units 3,050 sq ft 12 bed 3 bath 

$2400/mo income

Monthly Income:    Monthly Expenses:            Monthly Cash Flow: Pro Forma Cap Rate:
$2,350.00                 $1,728.77                         $621.23                            8.84%
NOI Total Cash Needed Cash on Cash ROI Purchase Cap Rate
$14,147.64               $44,900.00                            16.60%                              8.84%

Some of these number have changed for the better since I ran the calculator, 

like the seller paying $7500 towards closing and my numbers are ran with me paying closing. Cash flow $620 after all expenses using 50% rule.