first deal---here we go.....

[James Stoughton]

Last week I placed my first offer on a property. Asking price was 116,000 and my offer of 100,000 was accepted. Its a 4 unit apartment building with 2 2 br units and 2 3br units. Anyway, here are the numbers.

Monthly rent- 3,400 or 40,800 annually

Expenses yearly approx. 25,000

Heat: 8,000

Taxes: 2,700

Insurance: 1,600

Vacancy (10%): 4,080

Maintenance: (10%) 4080

Management (10%) 4080

Misc: 1,000

So it looks like I'll have around 15,000 before mortgage. I'm working on a loan of 4.25% with a mortgage around 450 a month or 5400 a year so I think I should be around 9,000 a year. Is there anything major that I am missing?