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Updated almost 3 years ago,
Analysis on potential first deal - 4 duplex's in Columbus GA
Hey BP Community!
I'm looking to purchase my first rental property. I found a distressed seller in Columbus GA, for what looks to be a great deal, but would love another set of eyes on my analysis. Let me know your thoughts:
Property details:
4 duplex's (8 doors)
-6 of the 8 doors are: 1br 1ba, 500sq ft, current rent $300, market rent $600-$900.
-2 of the 8 doors are: 2br 1ba, 700sq ft, current $375, market rent $650-$950
Located in Columbus GA 30913
Asking price: $205k cash
Est. renovations (per seller): $15-20k per door
Maintenance 10% - $250
Vacancy 8% - $200
Mgmt 10% - $250
CapEx 7% - $175
20% down, 4.1% interest, 1.5% closing cost.
Before rehab costs and increasing rents, I'm calculating the current cash flow at -7% or -$263. Post-rehab and market rent, I'm calculating cash flow at 4% or $268
This looks like a buy to me, but let me know what you think! >pictures of the unit <