4plex analysis

[Matt Owen]

So here is another one that I'm looking at. This property is in a small satellite town to my city and it looks like it is on a street with a lot of other multi families. I looked on Zillow and craigslist and there were very few for rent. only saw one post in that specific area for a 2/1 apartment and it was for $499/mo. The seller has advertised that these are rented at $575. The numbers look pretty good and they just dropped the price to $179k from $199k so there may be some additional room for negotiation.

Check out my numbers here:

https://onedrive.live.com/redir?page=view&resid=90... 

The town is about 45 mins from me so its in a reasonable driving distance but I'm not intimately knowledgeable of the town at this point in time. I know they have a prison, college, and oil are large employers. Obviously oil isn't doing great right now but it is cyclical and i know it will come back (i currently work in oil). The city data shows it has ~10k people living there with a median income of $48,000. Seems like a small renter pool but i'm new to all this so I'll let people with more experience weigh in on that.

Let me know what you all think and if you have any questions!

Thanks,
Matt