San Antonio, TX · Member since 2015 · 21 posts · 8 votes
Hey friends, I'm fairly new to real estate (still waiting to pull the trigger) and am trying to get the knack for quickly identifying if a property's numbers would make it a good investment. My thought was that this property could potentially be both a great investment or "house hacking" property. I'd appreciate any input or advice you can provide? How do these numbers sound? Anything I've missed/underestimated?
Units: 4-plex
Rent Est: $2700 ($675 x 4 units)
List Price: $165,000
20% Downpayment: $33,000
Mortgage Amount: $132,000
Mortgage Payment: $670 (30 yr @ 4.5%) (P = $175, I = $495)
Sorry- don't know what happened. Trying to say the rent/price looks good (earning much better than 1% per month) and your expense numbers appear to be in the ballpark. I'd pull the trigger all things being equal. I like to shoot for about 92% of asking. Don't suppose you know why they are selling?
@Steve Vaughan, I don't know yet why the owner is selling.
@Ramon Jenkins, Thanks for the Repairs and CapEx sugggestions. Taxes, Utilities, and Insurance were all monthly values in my initial calculation. The property looks like it's being sold by a private seller. Immediate renovations is a great question - something I had in mind to ask as well. It could require them as there are very few pictures, but I'd need to view the property to determine that.