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Updated over 8 years ago,
Is This Worth The Numbers??? Advice Needed Please.
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