Real Estate Deal Analysis & Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 8 years ago,
Duplex looks like a steal, Am I missing something? First property
Hello, This is my introduction post as well as my first Deal I'm thinking about buying. Basicly me and my wife are looking to househack using FHA and start generating cash flow to begin our real estate investing. I'm currently in colorado but we want to relocate to las vegas, and we found a property that shows great numbers using the BP rental property tool. We'd like to stay there and hosuehack for a year before moving on and keeping the property as a rental with property managment. Here's the numbers I cam up with.
I'm hoping for some advice on my estimates and if I'm missing anything big, Otherwise I want to call an agent and make an offer soon I think. I estimated the rent based on rentometer.com, and guessed at a 8% capex even without any obvious repairs being neccessary. These numbers are the cash flow assuming both units are rented, and 10% monthly property managment, for the first year however I'd be occupying one unit (the small one) and doing Managment.
Is this a really good deal? Am I way miss estimating rent? or Capex? or anything else? There asking 99K I ran these numbers assuming 90K
las vegas, nv
Monthly Income:
$1,500.00
Monthly Expenses:
$1,242.95
Monthly Cash Flow:
$257.05
NOI
$8,600.00
Total Cash Needed
$6,150.00
Cash on Cash ROI
50.16%
Purchase Cap Rate
9.56%
Property Information
Purchase Price:
$90,000.00
Purchase Closing Costs:
$2,000.00
Estimated Repair Costs:
$1,000.00
Total Cost of Project:
$93,000.00
After Repair Value
$90,000.00
Property Description
Duplex, unit #1 3bed-1bath unit #2 2bed-1bath. No obvious repairs necessary
Down Payment:
$3,150.00
Loan Amount:
$86,850.00
Amortized Over:
30 years
Loan Interest Rate:
4.875%
Monthly P&I:
$459.62