Flog me or praise me: I'm interested in your feedback

[Timothy Aughinbaugh]

I recently purchased 2 fourplex properties and undertook a massive renovation. This was biggest purchase in the history of my company.  All the properties have new tile, bathrooms, kitchens, SS appliances, granite, redone floors, new paint inside and out, windows, new water heaters and HVAC systems in each unit.  We rebuilt fence partitions, installed new LED lighting, new sidewalks and gutters and installed a community firepit.  Overall the project took 2 months and cost 140K for the rehab and 295K for the purchase. I am interested in knowing what YOU think of the deal.  It is located in Grandview MO and will be the nicest fourplex units in South KC and Grandview. It should provide maintenance free cash flow for years to come because everything is new.  Here are the numbers:

Purchase: $295K        2 4 plex buildings

Rehab: $140K

Total: $435K

Rent: $795 per unit x 8= $6360 per month $76,320 per year

Taxes: $4100 per unit for both building

Insurance: $4200 per year

Water/sewer/capex/vacancy: $600 per month tenants pay utilities

Total expense= $15,500

Total net: $60,820

[Timothy Aughinbaugh]