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Updated over 10 years ago,
First time potential deal
Hello all, and thank you in advance for your help so far. Here I am again looking for some advice on a potential deal.
2 unit property, each has 2/2
Unit 1 rents for $1200 - Owner recently did some minor upgrades, and has new tenant on 1 yr lease.
Unit 2 rents for $1050 on a month to month.
Taxes are estimated at 2% of purchase price
So assuming purchase price of $230k, taxes would be about $4596/yr
Insurance we estimate is about $2400
I am trying to figure out how to use all these cash flow analyzers etc..but to me with 20% down it looks like it will net between $580 to $710 in monthly cash flow. This varies depending on what numbers i use for the sheets in terms of vacancy, management, maintenance, reserves etc.
So, this is just my first look at this property, and it looks like it might be worth looking into a bit more.
What do you guys think?
What am i missing?
How do i know my numbers are right?
What should my next questions to my agent be, or what should my next steps be?