My First Multifamily Deal Advice

[Wade Garrett]

Hi all, interested to hear your thoughts on a property I am in final negotiations with:

4-unit residential in New Jersey. 

One 3BR, two 1 BR, one studio. (rent slightly below comps)

One building, double lot property with large backyard and potential to subdivide. 

Free standing two-car garage, driveway parking, shed, unfinished basement with ample storage. Unfinished attic in 3BR for storage.

New (under two years) boilers, furnace, bathrooms, kitchens. 

Fully rented. 

Price $430k

GOI: $52,200

Taxes + Insurance: $14,600

Vacancies / Gas Heat / Maintenance (estimate): $8,250

On-site property manager landscapes and repairs for discounted rent. 

With a 20% down payment I get a 9.32% cash on cash. 

Your thoughts on this deal? Anything I might be missing?

Thanks....