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Updated over 8 years ago,

User Stats

26
Posts
6
Votes
Charles Wang
  • Denver, CO
6
Votes |
26
Posts

Advice please! Buying a rental property!

Charles Wang
  • Denver, CO
Posted

Hey folks, 

I am under contract for a triplex in West Palm Beach, FL. We are in a charming, historic neighborhood two blocks from the beach (intercoastal waterway.) Three units are fully rented for 

$2700 a month total.

Purchase price is $255,000

We are putting 25% down so $63,750 investment. With closing costs $73,750 investment. 

Roof needs $3500 repairs, electrical $7,000 and tenting for termites $1100.

Now - none of the above repairs needs to be done TODAY. But at some point will need to be addressed. 

Monthly PITI will be around $1300 - $1500.

I ask --- IS THIS IS  A GOOD DEAL?? SHOULD WE BUY??

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