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Updated over 8 years ago,
4 plex on a double lot. Need some good advice....
Looking at a 4plex that is in a great (A+) location. All four units are small 1/1's that are dated but still in good condition. The property is 2 blocks from the beach and has a solid rental history. The numbers look like this.
Asking $415,000
Projected Purchase: 400,000
Down Payment: 100,000
Rent $785x4=$3140 month
Mortgage/Taxes/ins: $2551
Cashflow:
COC return: 7%
Here is the kicker... It sits on a double lot that I could subdivide and add a duplex that would bring in an additional $2800 a month.
Duplex: $200,000
Down Payment: 40,000
Rent: $2800
Mortgage/taxes/ins: 1523
Cashflow: $1277
COC return: 39%
All in Cash for both places: $140,000
COC Return: 14%
Looking for some advice. I have only invested in sfr thus far. This is a big jump for me and I could really use some unbiased thoughts. Thank you... Glenn