Duplex in San Antonio, TX

[Miles Stanley]

Hey guys, I'm looking for advice on this (my first) deal.  I made an offer today and am a little anxious only because I feel like the ball is finally rolling.  I want to get some thougths as to whether im missing anything.

Area: Nice little 'alcove' of multi-family properties, we drove the area and researched crime maps...area seems good and is growing economically

Purchase:

ARV (from comps): ±$110,000-114,000

Purchase Price: $104,000

Purchase Closing Fees: $5,800

Estimated Repairs: $5,000

Income:  $1,595

Expenses:  $1,318.17

Vacancy $79.75 (5%)    Repairs $79.75 (5%)

CapEx $159.50 (10%) Water/Sewer $80.00

Insurance $85.00          Management $175.45

P&I $418.72                  Taxes $240.00

Cash Flow:  $276.83    ConC:  9%

Cash at Closing (including repairs) $36,800

Mortgage is conventional 30-year, 25% down, ±4.8%

Has common water meter, so I'm trying to figure out how to push the water bill off onto tenants even though i must pay the actual bill...this might boost cash flow and ROI if i can do it.

Thanks,

[Jonatan Barbera]

Miles Stanley in my opinion I think there much better deals out there. You're paying retail which I don't think is necessary. The only multi family houses for sale that do make sense are in lower end neighborhoods. Right now SFR are providing a much better return.