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Updated over 9 years ago on . Most recent reply

User Stats

25
Posts
3
Votes
Rishi Patel
  • Philadelphia, PA
3
Votes |
25
Posts

First Property.....Need Insights!!

Rishi Patel
  • Philadelphia, PA
Posted

I really like this Tri-Plex, 30 minute drive from Philly. I want to live in one unit and rent two other.

Asking - 249000

All three units are rented.

Monthly - 2200 ( for Two units, since I am going to live in the third unit)

Taxes: $7,663
> Insurance: $3,495
> Oil: $2,600
> Management fee at 6.5%: $2340
> Sewer and Garbage: $1100
> Lawn and Snow: $900
> Water: $840
> Cleaning: $400
> Electric: $240
> Rent License: $115

> Vacancy: 2640

> Total: $ 22333.00

> Net Income is therefore 26400 - $22333 = $4067

Am i missing anything? It is my first deal, i want to make sure that I am not forgetting anything or I am under estimating the cost associating with it.

Not to forget that I will be living in the third unit as well and the income is only counting two rented units and not counting my unit.

What are your thought?

Most Popular Reply

User Stats

25
Posts
3
Votes
Rishi Patel
  • Philadelphia, PA
3
Votes |
25
Posts
Rishi Patel
  • Philadelphia, PA
Replied

@Corby Goade

Thank you for all your help!!

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