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Updated almost 8 years ago,
QUADPLEX DEAL - PLEASE READ
B+ area, built in 2006, parking, separate utilities, has good parking spots, real hardwood floors, wash/dryer exposed in kitchen, 2br/1.5ba units, good rental history, rent is $3200 gross, but ill live in 1 unit so the gross is $2400.
$270K purchase price
FHA loan
3.5% down ($9,450)
P&I-$1321/mo ($260K financed)
INS- $100/mo
TAXES- $137/mo (taxes are currently $274/mo b/c its in the investment class)
PMI-$187/mo (would like to own for a year and try to refinance with another bank to get a conventianal if I can get a high enough appraisal to drop PMI or lessened)
TOTAL PMT-$1745/mo
LIVING FOR FREE!!!
$2400-$1745= $655/mo for repairs, vacancies, CAPEX. I'm not counting property management I'm an adult and don't need someone to manage 3-4 units for me. That is about 20-25% of gross rents.
After i get back on my feet, (because this will take all of my cash basically), I could maybe raise the rents to $850-$900/each, but its not a priority.
This is pretty much a turn key quad that would require little repairs or maintenance in the near future. *fingers crossed*
Let me know what you think?!?