Running the #s on a multifamily subject to

[Stephanie Cabral]

BP Friends, I'm looking at a duplex (that can be converted to a triplex fairly easily). The first questions - is there a deal here? I think yes, I'd love to hear your thoughts. Second, do I acquire using a subject to or a lease option? 

-the owner owes 75k

-monthly PITI is $975 (at 5.85%) and she wants O-U-T (taxes account for $381/mo)

-ARV is $135k-$145k, possibly more since those numbers don't account for the fact that it's 2 abutting lots, and it needs about $14k to make it rentable and another $6k to make it in a good position to refi.

-Monthly rent for each unit is about $1200/mo with the possibility of finishing the attic, either as a 3rd unit to rent at 1000/mo or for more bedrooms...so minimal gross income is at $2400/mo.

-Maintenance is about $200/mo.

Thoughts? Thanks in advance for your help!

Stephanie