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Updated almost 9 years ago on . Most recent reply
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Should i buy this 3 unit Building In GARY, IN
Basement unit rent-$415 a month-7+ year elderly tenants
1st Floor-$550 Rent
2nd Floor-$550 Rent
Total=$1515 a month/$18,180 per year-This will pretty much break even only with the basement rented.
Yearly taxes-$1344.82
Monthly Insurance-$85.00 Replacement cost value 2484 sq x $65 a foot
Grass-$30 a month
Water/Utilities/Garbage-Roughly $150 a month
Property is under professional management charging $500 for tenant placement first month and 10% per month to collect rent, manage, place tenants, do repairs and bookkeeping etc.
Property has had $4000 for tenant make ready when I got it last year
1 unit had new floors installed in the bathroom recently-around $1000
Property is free and clear
asking price is 30,000
should i buy this one and do the numbers seem good enough?