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Updated over 10 years ago,

User Stats

65
Posts
6
Votes
Michael McDermott
  • Developer
  • Media, PA
6
Votes |
65
Posts

Looking for analysis help as I approach my first mulit-family

Michael McDermott
  • Developer
  • Media, PA
Posted

The property is outside of Philadelphia and would be used as my primary residence as well as a rental. It is zoned as a duplex with (2) 2 bdrm 1 bath units, along with a 1500 sq ft workshop attached that is currently rented by the previous owners. The bottom unit which I plan to rent out will get 1,400$ a month, the unit I will be living in for a year will rent out for 1200$ after I move out. I am currently renting and would like to put my money towards equity in my own property rather than throwing it away. The building(s) are located within 5 minutes of highways and close to other business centers and I am assuming now that the workshop rents for at least $1,000. That is less than 1$ a square foot and could easily be built to fit almost any business. Please let me know if I am glossing over anything. The numbers are as follows...

Listing price- $260,000

Down-payment- 15%

Taxes- $8,200

Insurance-$125 monthly

Management- I plan to manage myself for the time being but will factor in 10%

Maintenance & repairs-As of now 0, the house is occupied by the owners and was updated very well. The other unit is vacant and updated.

Utilities-All separate and tenants pay their own