Help Analyze a Potential First Property.

[Eric DeVito]

Hello all! So I found a property that I am interested in. Just plugging in numbers in the BP rental calculator. These numbers are just "guessestimates". Not 100% accurate, I tried my best for a newbie. Anyway let me know what you and if I am missing anything or if I need to adjust anything. This is the property and what numbers the calculator gave me. Thank you.

5 Bed/2 Bath Multi Family home in Staten Island, NY. Built in 1920, recently renovated top to bottom, new central air throughout house and new heating system. This was done between 2011-2012. Asking price is 349,00. It has been on market for about 340 days. In this example I put the home being sold for 320,000.

-- Also it is a two family and I looked up the average rents on rentometer then reduced the rents by 100-200 bucks a month for each unit. 1 unit will be renting for $1500 and the other for $1250. I could probably get 100 more on each though.

Purchase Price: 320,000

Monthly Income: 2,750

Monthly Expenses: 2,272

Monthly Cashflow: 477.15

NOI: 20,040.00

Total Cash Needed: 71,000

Cash on Cash ROI: 8.06%

Purchase Cap Rate: 6.26%

Other Information:

Closing Cost: $3,000

Estimated Repairs: $4,000 (I Just put this randomly, it was recently renovated)

Down payment: 64,000 (20%)

Amortized: 30 Years

Loan Interest Rate: 3.80%

Monthly P&I: 1,192.00

Total Operating Expenses: $1,080.00

Mortgage Expenses: $1,192.85

Also using 50% rule it says my cash flow will be 182.00 per month.

Not sure if you guys need any more information, I am hoping this is enough info to share to see if it is a good deal or not or if the numbers make sense. Kinda my first time doing this.