How much would you bid for this apartment complex?

[Jimmy Moncrief]

Hey guys (and gals) I would love your input on this apartment complex I'm looking at.

It might possibly need a new roof in the next couple of years.

Here is the data:

Gross actual rent: $250,864

All expenses (not interest or depreciation) was $134,172

The owner is required to pay the water bill which was a nice: $29,343

Taxes were also a nice: $23,520.

If I assume debt of $1.1 mm at 5% for a 20-year amortization I get $87,120 in debt service.

So this is my math:

Gross actual rent: $250,864

All expenses (not interest or depreciation) was $134,172

Debt Service: $87,120

Net Cash Flow: $29,572

Debt Service Coverage would be 1.34