Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Norfolk Real Estate Forum
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 6 years ago, 10/15/2018

User Stats

118
Posts
54
Votes
Kevin Sack
  • Rental Property Investor
  • Clovis, NM
54
Votes |
118
Posts

Cash Per Door Expectations

Kevin Sack
  • Rental Property Investor
  • Clovis, NM
Posted

I am actively seeking my first multifamily deal in the Norfolk/Portsmouth area. Am I off base for trying to get $150/door net cash flow on a quad that rents 700/month? That tends to put me at 80-85% of most asking prices with all my expenses and 20% down conventional financing.

Kevin

User Stats

35
Posts
21
Votes
Renard Miller
  • Investor
  • Hampton Roads, VA
21
Votes |
35
Posts
Renard Miller
  • Investor
  • Hampton Roads, VA
Replied

Hi, Kevin. My wife and I have four multiplexes in Hampton, VA and our returns are in that range. We've gotten lucky to get closer to $200/door on some, but I would say $150/door is a reasonable basis for offers. Your mileage may vary in Norfolk/Portsmouth, but I can't imagine it being so different as to make such an estimate off base.

User Stats

118
Posts
54
Votes
Kevin Sack
  • Rental Property Investor
  • Clovis, NM
54
Votes |
118
Posts
Kevin Sack
  • Rental Property Investor
  • Clovis, NM
Replied

@Renard Miller thanks for the response! Seems like people are holding onto their appraisal values as people are eventually paying that price, they might just sit on the market a little longer. I'm determined to find that motivated seller that makes the numbers work!

Vacasa logo
Vacasa
|
Sponsored
We do the work. You get the ROI. We do it all for your vacation rental. All—marketing, pricing, guest requests, housekeeping & more.

User Stats

85
Posts
45
Votes
Jonathan New
  • Rental Property Investor
  • Norfolk, VA
45
Votes |
85
Posts
Jonathan New
  • Rental Property Investor
  • Norfolk, VA
Replied

@Renard Miller, is that a net or gross $/door?  

User Stats

35
Posts
21
Votes
Renard Miller
  • Investor
  • Hampton Roads, VA
21
Votes |
35
Posts
Renard Miller
  • Investor
  • Hampton Roads, VA
Replied

@Jonathan New that is net vacancies, expenses and taxes. It is definitely not achievable on every listing, but every now and then they pop up or we are successful with one of our strategies for finding a property not yet on the market.