22 Unit Apartment

[Anthony B.]

The main thing I am unclear of is the fact it is 'Government Subsidized'.
Is this an advantage or disadvantage?

1,000,000 Asking Price
22 Units - Each Unit @ $789 Monthly Rent

$17,358 Gross Monthly Rent
($8,679) Less 50% Expenses
$8,679 Operating income

$1,000,000 - 30 Year Note @ 8% = $7,337 Monthly Mortgage

$8,679
($7,337)
=$1,342 Monthly Cash Flow ($61 a unit)

So I did these numbers assuming no down payment, paying asking price, and on an 8% loan. Honestly...It looks good to me. Any adjustment, i.e. lower offer price, down payment, makes the numbers even better.