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,

Account Closed
  • Contractor
  • Simsbury, CT
13
Votes |
54
Posts

25/yrs old 4 plex first deal. Please help analyze.

Account Closed
  • Contractor
  • Simsbury, CT
Posted

Hello bigger pockets 😀

This is my first multi family purchase. I am 25 years old and have experience in construction. I am a electrician and my brother is a electrician and a plumber. It's is in a area that in borderline low income. The house itself is not glamorous inside but is 100% rentable and the tenants stated they were comfortable and happy there. It is a fha loan so I will owner occupy one unit. It is on the busiest street in the town which I think is great for advertising. I entered the numbers into the bigger pockets rental investment calculator and it said a ROI of 64%. That seemed too good to be true. I would just like to know is this seems like a good investment. This will not be my only deal. I'm also currently working on a seller financing 4 plex. Please help analyze this deal. Thanks so much.

Town- East Hartford CT 

Units-4 (fully rented) (3000/ month) (All 1 bedroom units)

Taxes-6100/year 

Rent-750/each 

Repairs needed - roof (will try to have owner pay for cost of roof at closing 10,000$)

Future upgrades- convert the attic into a extra bedroom so two top units with become 2 bedroom units (rent will increase to 900/month for 2 units), replace all windows in the house, install coin operated washer/dryer. I'm a electrician so I will do all labor by myself

Contract price (185,000 with 5,000 seller concession for closing cost) 

Down payment- 3.5% (6,475$)

Mortgage payment- 1600$/month

Fuel type -gas (owner pays for tenant) 

Recent Upgrades- electrical service 

Size- 3100 sq ft with 12 car parking lot and 2 car garage

Built- 1917

Loading replies...