First Out of State Property

[Derrick McCoy]

Looking for Multifamily Units in Raleigh, NC but the are is very hot and the properties are usually gone after being on the market for a day. I decided to try my luck in another market. I found a Triplex with 3 bedrooms and 2 baths in Fort Valley Georgia. The property is a block from Fort Valley State University. The asking price was $169k but I managed to get the seller down to $153k. Currently Under contract with a closing date of March 31. The property has management in place and has brought in $2700 over the past 12 months. Property Management is 10% of the monthly rental income. Yes it is a student rental due to its close proximity to the university. Tenants pay all utilities and there is no HOA Fee. Property tax for the year is $2160. My question to the group; is this a deal if the inspection comes back good and the property management has their act together?