Need Input from experts

[Bobby Gupta]

I have found a Property which sounds like a awesome deal!

A fourplex in B- neighbourhood! its being foreclosed List price by Bank $159900. County appraisal $279000. It needs work mostly paint, carpet  TLC and  all appliances  estimated $24-26k of rehab needed has AC and furnances

There are few other fourplexes in that area which bring $650 rent a month.

BUYING PRICE: $160000

DOWN PAYMENT $ 40000

REHAB COST-$26000

CLOSING COSTS$ 2500

15 YEAR mortgage payment with taxes and insurance $1450

ESTIMATED RENTAL INCOME$ 2600

also thinking about Refinancing and cashing out after 6 months to have cash for other properties!

any suggestions?

[Jassem A.]

Seems like an OK deal. I'd also look at what a quad might go for at courthouse steps or if you can beat 40k per door or 1.4% for similar or better neighborhood.