Deal analysis

[Andrew Bosworth]

Looking at what would be my first multi-unit property.  Would appreciate feedback.

It is located close to a major college (branch campus), which is rapidly growing.  It is also close to a small international airport, state capital, hospitals and more.  The town is in the process of building a new high school campus as well as recently starting a multi-million dollar streetscape improvement project. 

Here are the details: 

4 unit property, fully occupied (4 one bedroom units)

Price: $92,500

Recently appraised for $116,000

Total monthly rents: $1,585

Property Taxes: $2,900

Insurance: $600

Water/Sewer: $1,500

The property is in good condition, though three of the four units could use some cosmetic updates.  Existing rents are also a bit low.  I would aim to get the total rent to $1,750 within the next 12 months. 

Deal or no deal?