Triplex in NW Portland - seeking advice & partner

[Mike Wilson]

I'm looking at a triplex in the trendy NW Portland alphabet district with great rents and sought after location.  Below are the key details.  I appreciate any advice on the deal. This would be my first investment property but I have experience in property management, contractor/vendor management, and contract negotiations.  I'm looking to build long term partnerships in the Portland area.

Property Details:

List price: $1,195,000

Closing: #3,500

Repairs: $5,000

Total: $1,203,500

Rents:

1 BR / 1 BA - $1450 rent

2 BR / 1 BA - $2500 rent

3 BR / 1 BA - $2700 rent

Cap Rate: ~5%

Monthly cash flow using 50% rule: $3,325

Notes:

Tenants on lease till Spring –

- Main level is currently vacant

- Off street parking (!)

- Legal triplex, basement could be ADU and can be converted back to full house if desired