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Updated over 8 years ago,

Account Closed
  • upstate, NY
0
Votes |
32
Posts

Is This Worth The Numbers??? Advice Needed Please.

Account Closed
  • upstate, NY
Posted

Greetings, 

Have a potential to purchase a 6 unit (2 house, same lot, 4 unit and 2 unit) The details are as follows.

Year built: 1900 +/-

2 houses: 1- 4unit and 1- 2unit on same lot

List Price 224,995 (assuming a 190,000 purchase price and 25% down payment)

Expenses

Mortgage 1104.80/month (20yr term @ 7%)

Taxes 443.93/month (5327.15/yr)

Insurance 224.58/month 

Water/Sewer 41.25/month

Electric 10.85/month

Garbage 85.08/month

Snow 68.75/month

Lawn 54.58/month

Heat 0.00/month (each unit has its own furnace)

Income

Unit 1 - 550/mo

Unit 2 - 595/mo

Unit 3 - 650/mo

Unit 4 - 750/mo

Unit 5 - 595/mo

Unit 6 - 225/mo

3365/mo 

Vacancy 10% = 336.50/mo

Repairs 5% = 168.25/mo

Capex 10% = 336.50/mo

Property Management 10% = 336.50/mo

All units in good shape and no deferred maintenance to correct. I plan to manage myself but still added in management expenses. 

Is this worth the money? All feed back is appreciated.

Thanks

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