Starting in Multi-Family

[Ryan Dossey]

Hello guys we just started mailing multi-family and I already love it. The people are more friendly for the most part and the deals are BIGGER. I had a seller send me some #'s and I was hoping you could check my deal analysis. Any pointers or advice is greatly appreciated. Property in question is a 9 unit in a decent area. 

Asking price is 565k. Property has a boiler. However he had larger gas lines and things installed needed to get it off the boiler. One unit is individually metered. The other 8 just need to be converted. (possible upside there)


Expenses= $20,079
Income= $69,780

NOI=$49,001
Cap Rate= 8.6 %

Tax 6095 Ins 4625

Gas 4183

Sewer 2376

Water trash 2800

3 of each

2 bed

800

700

800.

Monthly Total=2300

1bed

690

550

600

Monthly Total=1840

Studio

550

550

500

Monthly Total=1600

Laundry 75

Income=$5815 monthly