Am I missing something?

[Tim Coppola]

Hi all,

I'm looking for a little help. I'm trying to get used to analyzing deals just so when I actually start looking I'll have a good idea of what to do.  I was wondering if I am missing anything on this specific unit because it seems that I'm coming up with some really good numbers and I feel I'm forgetting something. These numbers don't include repairs because the listing says it was rehabbed two years ago so for the sake of practice I assumed zero. Any feedback would be greatly appreciated. Thanks in advance.

Sale price: $99900

Down payment: $19980 (20%)

Closing costs: $1998 (2%)

Mortgage payment: 5% @ 30 years = $5148/year

Income:

Monthly rent: 1br - $600, 2br - $750, 3 br - $950 = $2300 ($27600/year)

Expenses:

Vacancy: $4692 (17%)

Property taxes: $3500 (listed as $3302 in 2012)

Insurance: $2000 (estimate)

PM: $2760 (10%)

Utilities: $2000 (estimate)

Reserves: $1932 (7%)

NOI: $10716

Cash Flow: $5568

COC: 25.33%

Cap Rate: 10.5%