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Updated almost 8 years ago,
Need advice on First fourplex please
Need help analyzing first fourplex.
Asking price:$165,000
Our offer:$ 150,000
All 4 units are rented. 2bed, 1 bath units and they rent for $450 each.
So total rent:$1800
We live in a very small Midwest town, properties generally do not appreciate here ( at all!).
We are planning to increase the rent by $50 ( if we can install washer/dryer hookups).
Projected total rent:$2000
Taxes:$2010
The owner is old school and has no records of operating income over the past years for us to analyze repairs etc.
Planning to put 20% down and go with loan for the rest.Interest rate for mortgage 4.85%
Is this a good/bad/OK deal please.
Also, this is my first time posting so please let me know if more information is required. Thanks