9 UNIT ANALYSIS (HELP)

[Rosston Smith]

Alright so I currently am in negotiations with a local property owner. Its  an off market deal so I'm not in a huge hurry, but plan to make an offer within the next week or two. I have the numbers listed below. 

Things to note:
*New roof was just put on this year
*Brand new central HVAC installed for all units
*Seller financing is not available as owner has a mortgage
*In a fantastic location

ASKING PRICE: $472k
Owner purchased 2006 for $415k

Landscaping Service - $70 per month - $840 / yr

Garbage - $400 per qtr - $1,600 / yr

Gas - $60 per month - $720 / yr

Electric - $65 per month - $780 / yr

Water - $115 per month / $1,380 / yr

Pest control - $125 per qtr - $500 / yr
(Total up to this point = $5,820)

Taxes - $6300 per yr

Insurance - $3800 per yr

Maintenance - $1500 per yr
(Total up to this point = $11,600)

Overall Total of expenses = $17,420 a year.
Note: Does not include capex.

Apt 1 - $510 per month 4/17 (Lease end date)

Apt 2 - $510 per month 1/17 (Lease end date)

Apt 3 - $725 per month 5/17 (Lease end date)

Apt 4 - $550 per month 9/17 (Lease end date)

Apt 5 - $510 per month 8/17 (Lease end date)

Apt 6 - $510 per month 8/17 (Lease end date)

Apt 7 - $1150 per month pro forma (Renovations in progress, finish on Dec 1st, vacant)

Apt 8 - $510 per month 11/17

Apt 9 - $500 per month, on month to month lease, (been there 5 years)

(MY CALC)- Total $5,475 x 12 = $65,700 - $17,420 = $48,280 NOI

(OWNER CALC)-Total $5,945 x 12 = $71,340 - $17,420 = $53,920 NOI

I have attached a picture of the building below. Beautiful!