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Updated about 8 years ago,

User Stats

10
Posts
1
Votes
Chris O'Connor
  • New Orleans, LA
1
Votes |
10
Posts

First Multi-Unit Move (4-Plex) Deal or No Deal?

Chris O'Connor
  • New Orleans, LA
Posted

Good Morning BP Community!  

Thanks for stopping by.  My sister and I have saved enough money to go in on a deal together. We're looking at a two story 4 unit apartment home in El Paso, Texas.  The building was built in 2015, is new and is fully rented.  Below are pertinent details:

Price:  $300k

Down payment:  $75,000

Taxes:  $6,800.00

Rent:   $800.00 (800 x 4= $3200 monthly)

Water fee:  $50.00 (50 x 4 = 200 monthly)

Mort:  $1300 @ 30 years, 4.5%

Water Expense:  $2400.00

Additional expenses I used were:

Vacancy:  $2000.00

Electricity for outside lights:  $50.00

Maintenance $1000.00 (since its so new)

What do you guys thing? my my calculations it should have a flow of around $11,000 per year.  Any help, comments, advice, opinions are greatly appreciated.  In addition to advice if you can recommend a lender it would be highly appreciated I'm currently working with Quicken Loans. 

Thanks all for your help!!

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