Rhode Island Multi Family Investing

[Mike DeMille]

Hi everyone, I can tell from reading the forums that there are several talented and knowledgable resources for investors in the Providence RI and surrounding areas. I have been out of investing for a few years to focus on my career and luckily that has been very successful finally. At this point I am ready to rejoin investing in RI and from the looks of it Pawtucket and Woonsocket seems to have what I am looking for.

So my question is to see if these numbers align with what investors are currently seeing, and if not where I should make adjustments in my calculations. The goal would be to find a multi-family for around $250,000 and the following relevant metrics.

Purchase Price: $250,000

Closing Costs: $3,500

Pre-rent Holding: $6,000

Estimated Repairs: $15,000

Total Cost of Project: $247,500

Down Payment: $50,000 (If 15K in repair would try to get purchase price down to 225K) if that then... $45,000

Loan: $200,000 (If 15K in repair would try to get purchase price down to 225K) if that then... $180,000

Cash Needed: $65,000-$70,000

Loan Amount: $200,000

Loan Period: 30 years (If I can I might go for lower, if my current job could support quicker loan pay down)

Loan interest rate: 3.5%

Monthly Mortgage: $870

Rent: Three Units $1000 each, so $3000

Taxes: $300

Insurance: $90

Vacancy: $150

Repairs: $150

Cap-ex: $150

Water/Sewer/Garbage/Gas/Snow Removal/Lawn/Electricity/Cable: Tenant pays

Property Manager: $300

Total Expenses: $2,010

Cash Flow: $990

CoCROI: 16.9%

Does this seem reasonable? Am I missing something here??? Thanks for all of the help!