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Updated over 6 years ago,
Should I make this purchase
Hey guys!
I found a multi family with the following numbers have an accepted offer just doing an appraisal. my appraisers are telling me its a hard comp. there aren't many houses similar in size beds etc.
Purchase price 650,000
doing 3.5% down
Revenue 7,200
Expenses ( with mortgage T+I) 4,800
ill rent the 2 above me.... market rent is about 2,700 each unit. This way i will be living in the house and making money.
the only problem is there aren't many comps... 8 bed 3 bath
3 beds 1 bath
over 3 beds 1 bath
over 2 beds 1 bath
Should i " over pay" and not worry about the value because of the cash flow and the fact that i am looking to hold god willing over the next 20-30 years?........the highest comp is a 5 bed 2 bath on a canal sold for 625 and a 5 bed 3 bath sold for 589... both are about 800 Sq feet smaller as well.