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Updated over 8 years ago,
Please help analyze this deal
I received this information about a potential deal, but it is not adding up to me. The broker is telling me that 2 units rent for $800 the other 2 for $750 the asking price is 350000. But the rental owner statement indicates differently. I have attached all the information I have so far, please let me know if I am missing something and whether or not you feel it is a good deal. Thanks BP!
This is what he sent me:
There are two buildings, each has two- two bedroom on and a half bath units with one car garages. The garages rent out for an additional $50 per month. Two units are currently renting at $800. Two have longer term tenants at $750 (ish). She is asking $350,000. They do not have an HOA. .
| Rental Owner Statement | ||||
| Statement period | 1/1/2015 to 12/31/2015 | |||
| Summary by property | ||||
| Income statement | ||||
| Income | ||||
| Late Fee Income | $150.00 | $150.00 | ||
| Legal Fee Income | -$52.00 | -$52.00 | ||
| Maintenance and Repairs Income | $950.00 | $950.00 | ||
| Rent Income | $13867.00 | $13867.00 | ||
| Utility Income | $281.08 | $281.08 | ||
| Total income | $15196.08 | $15196.08 | ||
| Expense | ||||
| Advertising | $268.09 | $268.09 | ||
| Cleaning | $530.00 | $530.00 | ||
| Landscaping | $360.00 | $360.00 | ||
| Legal and Professional Fees | $8.00 | $8.00 | ||
| Maintenance and Repairs | $5964.26 | $5964.26 | ||
| Management Fees | $1467.21 | $1467.21 | ||
| Management Fees - Bi-Annual Inspection | $35.00 | $35.00 | ||
| Supplies | $372.27 | $372.27 | ||
| Utilities | $2436.16 | $2436.16 | ||
| Total expenses | $11440.99 | $11440.99 | ||
| Net income | $3755.09 | $3755.09 |
| Rental Owner Statement | ||
| Statement period | 1/1/2015 to 12/31/2015 | |
| Statement date | 9/13/2016 | |
| Summary by property | ||
| Income statement | ||
| All properties | ||
| Income | ||
| Cleaning Income | $90.00 | $90.00 |
| Late Fee Income | $107.50 | $107.50 |
| Maintenance and Repairs Income | $181.00 | $181.00 |
| Rent Income | $17314.22 | $17314.22 |
| Utility Income | $140.78 | $140.78 |
| Total income | $17833.50 | $17833.50 |
| Expense | ||
| Advertising | $40.00 | $40.00 |
| Cleaning | $0.00 | $0.00 |
| Landscaping | $25.00 | $25.00 |
| Legal and Professional Fees | $8.00 | $8.00 |
| Maintenance and Repairs | $2320.15 | $2320.15 |
| Management Fees | $1666.42 | $1666.42 |
| Management Fees - Bi-Annual Inspection | $35.00 | $35.00 |
| Management Fees - Leasing Fee | $100.00 | $100.00 |
| Utilities | $2123.63 | $2123.63 |
| Total expenses | $6318.20 | $6318.20 |
| Net income | $11515.30 | $11515.30 |
Values for 2016
Land ValueMarket ValueRateAssessed ValueEstimated Tax
$34,684.00$164,169.00$15,596.00$1,138.51