Hey Michiganders!!! Does this look good?

[Patrick Britton]

I found something on Redfin today.  Just hit the market.  NOT my listing, obviously.  I would be looking to buy it.  

• 4-plex in Howell 
• Asking $199k
• about 3300 square feet
• total monthly rent of about $2,600
• water and gas paid by owner, electric paid by tenants ($$$$ unknown)
• taxes are about $5,500
• estimate insurance to be $1,200 

I'd be putting down 25% @ 4.875%, 30 year fixed.   EXCLUDING property manager, cap-ex, etc., and whatever utilities the tenants don't pay i am getting about $1,300 net income (with mortgage) per month.  This seems very high to me, but i don't know the area.  

Question:  does this seem reasonable for Howell?  I do not know the area outside of what wife and wife's family tell me (they are from Ann Arbor) and they say it's pretty decent.  

thanks in advance! 

[Geof Greeneisen]

Hi @Patrick Britton, not out of line for Howell, rents actually seem a little low. I don't know the property, if you'd like more insight feel free to PM me with more info and I'll be able to give you a better perspective.

Best of luck to you.