First Deal. All thoughts and questions are welcome.

[Andrew Michael]

OK here it goes.  I found a 3Unit apartment building with a detached two bay garage.  

https://www.google.com/maps/@39.643275,-77.715504,...

Asking Price is 122,900. 

Rent comes to a total of 1745 (520, 550, 675) Currently full and owner says tenants are good/ always on time with payment

Annual Taxes 2000

Repair (5000?)  I just put 5000 to be conservative but owner states he just put in new hot water heaters, roof is in good condition, the pics of the yard look like it is really well maintained, etc  The detached garage looks old but has a brand new roof on it and has been painted to match the apartment building.  Also building just passed bi-annual inspection.   

Closing 5000

Monthly insurance 60 

Quarterly water, sewer, and trash 50.  Tenants pay any overages.  

Using the BP Calculator (so awesome by the way) I put in 10% for vacancy, capEX, and property management fees.  

I'm having a little trouble gauging the Estimated value due to lack of experience but based off Zillow and surrounding comparable units I put in 130,000.  Using what i think are conservative numbers, I am showing a RIO of 16.34%.  

Monthly Income 1700

Monthly Expense 1250.54

Cashflow 449.46

As it stands, I have no intention on paying the full asking price.  I am trying to leave myself with a large margin of error since this will be my first solo deal start to finish.   The owner seems motivated as he purchased this property 12 years ago for his son to live in.  His son is now grown and gone and the owner is looking to move south.

Ok if I am missing anything or have made mistakes please let me know.  I appreciate anyone who takes the time to review.  Thanks again!