10 unit in Ohio

[Travis Bauman]

Hello Every One. I am in ohio and i working on a deal now witha 10 Unit building. If i get the deal talked down to where i want it i think it might peak the right investors attention!! Here is some details

What ever cost i think there is in repair i double it to be on the safe side. So the repairs could be allot less.

Property Cost $200,000.00
Repairs Needed $50,000.00
Number Of Units 10
AVG Rent Per Unit $475.00
Gross Schedule Income $4,750.00
Vacancy Allowance 10% $475.00
Gross Operating Income $4,275.00
Less Operating Expenses
Accounting $25.00 0.58%
Advertising 0.00%
Insurance $125.00 2.92%
Lawn / Snow $- 0.00%
Repairs $85.50 2.00% **Since i guess high for repairs, i lowered this down to 2%
Monthly Taxes $458.33 10.72%
*** Renter pays Utilities
Electric $- 0.00%
Gas $- 0.00%
Fuel Oil $- 0.00%
Water / waste $- 0.00%
Total Operating Expense $693.83 16.23%
Net Operating Income $- 0.00%

Property Cost With Repairs $250,000.00
25% Down $62,500.00
Additional Cash Down $-
Remaining Balance $187,500.00

Gross Operating Income $4,275.00
Monthly Mortgage $1,875.00
Total Operating Expense $693.83
Monthly Profit $1,706.17 36% profit

My formula always shoots higher on the cost to protect me. It is usally 100 to 200 more profit than it shows.

Thoughts?