Your thoughts-8plex

[Mark Gruetzmacher]

Hey guys, just was looking for your thoughts on this property.  It is outside of my local area about 50 miles.

8 Unit Apartment Project constructed in 1979. The Building consists of 7-2 bedroom units and one ADA accessible 1 bedroom unit. 

Multiple units are offered fully furnished to seasonal tenants. Others are long term. Primary rental sources are National Park Service School District, and USDA Forrest Service. 

1) $400/mo 1 bdrm unit partially furnished, this lease expires at the end of October, will raise rent to $450/mo.
2) $500/mo 2 bdrm fully furnished, new lease at $550/mo started Oct 1.
3) $450/mo 2 bdrm not furnished
4) $425/mo 2 bdrm, tenant receives reduced rent to clean commons area
5) Vacant 2 bdrm
6) $450/mo 2 bdrm partially furnished, new lease at $500/mo started Sept 26th.
7) $450/mo 2 bdrm not furnished

8) $450/mo not furnished, tenant is leaving this month, will rent at $550/mo

They sent me the last 2 years taxes and the total yearly income was 19K in 2012 and 21K in 2013.

They these expenses for 2013

Advertising $74, Insurance $1824, Repairs $2234, Taxes $4457, Utilities $6848, Depreciation $1850

Rents received was $39095

This is in a very small tourist town as well.  It is all new to me so I am not sure what cap rates are normal and even if the price is good or way out of line.  You input is appreciated.