Typical Example from MLS in Saint Petersburg (Tampa Bay)

[Faisal Farnas]

Hello BPers,

I am currently looking to purchase a multifamily in the Tampa Bay area. I have been looking at the properties on the MLS and so far the best I could find, in north Saint Petersburg (North of Central Avenue) is something like this:

Triplex on 27th Ave North

Asking Price: $179000

PI: $684

Taxes: $125

Insurance: $200

Water, Sewer, Trash: $225 ($75 per unit)

Vacancy (10% of monthly rent): $190

Maintenance (10% of monthly rent): $190

Management (10% of monthly rent): $190 

TOTAL EXPENSES: $1804

Projected monthly rents of $1900

Monthly Cash Flow: ~$100 !! 

Am I doing something wrong? I know this analysis is more on the conservative side, but this is the best I could find on the MLS! Are you guys seeing the same thing? Should I even bother looking on the MLS?

There are better cash flow properties on the south side, but honestly I don't want to buy in an area that I am not comfortable driving at night in.

Any thoughts or pieces of advice are greatly appreciated.

Thanks,

Faisal