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Updated almost 9 years ago on . Most recent reply
4-Plex Buy and Hold in Glendale, AZ
Hello fellow BP members, I'm looking for other eyes on this deal;
4-Plex that is two separate buildings. single story has 2 x 1bd/1ba and two story building has 2 x 2 bd/1ba. Both 1bd, rent is $500/mo. and both 2bd is $700/mo. So, total of $2,400 gross rent.
ARV = $194,167 based on the comps from the listing agent.
Listing was at $180,000
Asking price, from wholesaler: $177,500 (which the wholesaler is asking for less from the seller after walking/inspecting the property).
Taxes: $1,053/yr.
Insurance: $734/yr.
Advertised 13% cap rate
Leases are 1yr. and currently all occupied, though, one tenant says they are leaving in 2 months and another tenant's lease is up in 6 months. One of the 1bd tenants says he has no plans of ever leaving.
I do have a money partner to help with the down payment of 25%, I otherwise can come up with $36k on my own, which I would likely put into closing costs and the minor rehab needed.
It is out of state for me, as you may notice that I'm in Ventura, CA and this is in Glendale, AZ. I do not mind the occasional drive to visit the property, which is an 8hr drive. Otherwise, I would factor in the cost of a property management company.
Thanks for any input!
Most Popular Reply
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Hi, Robert Langley
Curious where you are in the process? I'm out here in Glendale and may have some time to put eyes on the property if needed. I'm fairly new to the game but am definitely looking for opportunities to help and learn. From the info given it sounds like a great deal though!
Cheers!
Keith Carson