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Updated about 8 years ago,
First Multi-Unit Move (4-Plex) Deal or No Deal?
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!!