What I thought looks solid, turns out to be 27 bucks a month?

[Christopher Alley]

Alright folks I'm rather new here and I was looking locally( Maine) for a small multi unit and found one that looked sold, Older but typical for my area, after I evaluated the " financial sheet" provided by the realtor, it broke down to only 27 bucks a month profit total. It's a two unit for sale at 116,000 the rents are 945 and 845 for a total of 1790 despite being described as " nearly 1900 in rents per month" The expenses broke down as follows heat, that I think is high at 4018 per year or 334 per month, taxes 235 water 34 insurance 62, maintenance 175 mortgage 564 property management 179 capex 90 and vacancy 90 for a total in expenses of 1763 dollars per month???? Can this be correct? 27 dollars profit for this property? 

[Andrew Ware]

I agree that Cap Ex is probably low. I'm guessing it's a 125+ year old home.

I'm guessing 116k is market rate? There's way too many distressed properties up here to pay market.

And to answer all the questions about heat. It is typically included in most of Maine. You end up with big problems if they don't pay. And renters have trouble budgeting the money for a high expense 6 months a year. In fairness, it's difficult to budget for heat when you realize your are living in a home with single pane windows and insulated with horse hair from the 1900s.