Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 9 years ago,

User Stats

51
Posts
10
Votes
Adam McCarty
  • Investor
  • Indianola, IA
10
Votes |
51
Posts

should this be my first deal?

Adam McCarty
  • Investor
  • Indianola, IA
Posted

I am looking at this deal that includes 2 six plexes and 1 five plex.  It will be one closing and they all share a parking lot.  These are old houses that have been converted into apartments.  My biggest question marks are maitaince and capex.  I have figure them high thinking worst case.  My biggest concern here is that they are boiler heated house.  I havent had any experience with these and dont know what the cost might be.  the two 6 units share a boiler that looked 10-20 years old and the 5 unit has a brand new tank less system.  Also i will be self managing but have put in management for analysis.  Any feed back would be great.

List Price: 250000

Purchase Price:  225000

Repair cost:  35000

Income: before update 7590 after update 9350

Utilities:  1925/1925

Insurance:  225/225

Taxes:  632/632

Snow/lawn Care:  100/100

Garbage: 100/100

Management:  607/748 at 8%

Repairs/maintenance:  1138/1402 at 15%

Capex: 759/935 at 10%

Vacancy: 759/935 at 10%

P&I:  1105/1105

Thank you for any feed back

Adam

Loading replies...