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Updated almost 5 years ago,
What would you offer on this Multi family to make it work?
Hello Everyone,
I'm new to pro and I started analyzing deals on a daily basis to get the hang of it. The strategy that I want to do is "buy and hold" and wanted to start with "multi family". I want to make it second nature when i'm analyzing and i think i have a long way to go. I found a Triplex and I''m wondering if i captured all the income and expenses to the tee or if I missed anything. What would you offer on this property to make it work?
Property details:
1905 E Adams Ave, Orange, CA 92867
Purchase price is $839,500 - Regular 20% down over 30 years 5% interest
AVG closing cost $5,000
ARV $839,500
Repair cost 50,000 - Property looks in decent condition but i just wanted to factor in some repair cost plus Yard need TLC.
Building is 2800sqft that sits on a 8200spft lot
Unit A 2beds/1bath Median Rent: $2,045 (Rentometer)
Unit B 2beds/1bath Median Rent: $2,045 (Rentometer)
Unit C 1beds/1bath Median Rent: $1,600 (Rentometer)
Expenses:
Insurance - $210
Water - $400 Estimate
Garbage - $100 Estimate
Cap X - $341.40 (6%)
Vacancy - $341.40 (6%)
Property Mgm - $569 (10%)
Land care - $100
Taxes - $874.00
What else should i look for in expenses or income?
I know is not a good deal but what would make it a great deal?
Thank you