Deal or no deal Phoenix AZ

[Chris Mcalister]

Im looking to make my first deal, so im asking for advice.

"ONE large 3 bed/2 bath and THREE 2 bed/2 bath units. Each has separate garage with washer/dryer hookups. New roof in 2010 and 18 inch tile flooring in all four units. Walking distance to elementary and middle schools. Located in Glendale,AZ. This property projected total rents of $31,380 less 5% vacancy of $1,569 per year so $29,811 adjusted gross income. Then after projected expenses of $16,530, the amount a projected investor income is $14,438 per year based on pro forma. This is a 6.3 Cap Rate."

I know from doing some research that the water numbers that are listed below are incorrect and should be on average $240 a month which leads me to believe that some of the other #'s may be incorrect. I have verified the rents by looking on "redfin" and other for rent web pages.

Source of Fincl Data:	Provided by Owner; Projected Proforma
Adjusted Gross Inc:	$30,625.15
Totl Mnth Rntal Inc:	$2,590
Other Income:	$1,157
Operating Exp:	$13,602
Net Operating Income:	$14,438
Owner Association:	Yes
% Vacancy Allowance:	0.05
Annual Elec Exp:	$0
Annual Gas Exp:	$0
Annual Ins Exp:	$1,600
Annual Land Lse Exp:	$0
Annual Landscape Exp:	$475
Annual Legal & Acctg:	$0
Annual Maint Exp:	$4,953
Annual Mgmt Exp:	$499
Annual Other Expense:	$0
Annual Ownr Asoc Fee:	$3,108
Annual PAD Fee:	$0
Annual Rplcmnt Rsrvs:	$0
Annual Trash Exp:	$0
Annual Wtr/Swr Exp:	$1,450