Numbers - Colorado Springs Mult-Family

[Cameron Belknap]

Hey guys,

I am looking at multi-family properties in the Colorado Springs area and would like another set of eyes on my numbers. I have one SFH rental in the Denver area, but am interested in the springs due to the large amount of fourplexes available.

Purchase Price - $420k   Estimated rent $3400/mo

Rent Ready Costs - $5k

Closing costs - $6k

Taxes ~$1.4k

Insurance - $2.5k/mo

Utilities - $350/mo ~Landlord paid water/gas (please chime in if you think this is high)

Repairs -$100/mo

Cap-ex $300/mo (Guess, I understand it will be different from property to property)

How do those numbers look? My CoC looks decent, but I am not 100% confident in my inputs without having experience in the area. What are you overall thoughts on the Multi-family market in the springs?

Also recommendations for RE Agents who have a lot of experience with Multi-family appreciated!

Thanks!

Cameron