New to analyzing deals. Good Deal or no?

[Chris Chambers]

Hey everyone. So as the title says, I am very new to analyzing deals. I wanted to try and run the numbers on some properties I found online just to get my feet wet. I came across this property which was pending but I wanted to see the numbers anyways.  Now my question is whether this is a really good deal, or are my numbers way off? 

Some things to note about the property. It seems to be an old 3-story single-family that was converted to have 3 units, 1 unit per floor. All units are currently rented out. There is also a detached 1-car garage which I don't know if that is for one of the tenants or if that is unused. Current gross rent is at $1,750. After looking at rents around the area on rent-o-meter, it seems like that number could be pushed upwards of $2,250 and still be under median rents.

Below are all the numbers for the property. Do these seem ok or are they way off? Also, is there anything I am missing or maybe forgot to include? I tried to over-estimate on costs and expenses just to be safe. I am not sure of what exactly the tenants pay but I tried to come up with some rough estimates.


Purchase Price: $54,900.00
Purchase Closing Costs: $3,500.00
Estimated Repair Costs: $5,000.00
Total Cost of Project: $63,400.00
After Repair Value $55,000.00
Down Payment: $10,980.00
Loan Amount: $43,920.00
Loan Points:
Loan Fees: $0.00
Amortized Over: 30 years
Loan Interest Rate: 4.000%
Monthly P&I: $209.68

Expenses:

electricity $0.00 
gas $100.00
water & sewer $200.00
hoa fees $0.00
garbage $100.00
Custom expenses $0.00
Vacancy $225.00
Maintenance $337.50
Cap. Ex. $225.00
Insurance $100.00
Property Taxes $141.00
Mortgage Payment $209.68
Total $1,638.18

Final numbers including over $600 in cashflow with a COC of 37%.

Monthly Income:      Monthly Expenses:      Monthly Cash Flow:      Pro Forma Cap Rate:
   $2,250.00                 $1,666.75                     $611.82                          17.92%
NOI Total Cash Needed Cash on Cash ROI Purchase Cap Rate
   $9,858.00                 $19,480.00                      37.69%                         17.96%

Link to view the report:

https://www.biggerpockets.com/...