First Investment Deal Analysis advice

[Jasper Saberi]

I'm working with a realtor in the state of MD and he found a property that I would like some feedback on, if possible.  It's a six unit multiplex in a small town in Maryland (about 15K population), list price is approx 350K with gross monthly rent of $4925.  Taxes are listed as $3996.  Built in the mid 1970's and has separately metered electric with heating and cooling electric.  Listing has $11,500 as yearly expenses, but this appears low (not even close to 50%).  Says the roof and windows were replaced in 2007.  

[Paul Parham]

Just some extra information if it helps...

Elkton, MD is kindof in the middle of nowhere in north east Maryland goes being 1 1/2 hour drive from Baltimore, MD which is the closest major city in Maryland that offers significant employment and commerce. It is located in close proximity to the Aberdeen Proving Grounds (military base) and Bel Air, MD which are about a30 minute drive south from Elkton. Philadelphia, PA and Camden, NJ are also within a 1 hour drive north of Elkton, MD which offers significant employment and commerce. Newark, DE and Wilmington, DE being approximately 15 min and 30 min drives are also close to Elkton, MD. So even though geographical by comparison to other Maryland cities it is in the middle of nowhere there is a good amount of employment and commerce within the general area.

Westminster, MD is in northern central Marylandapproximately 1 hour north west of Baltimore, MD - 1 1/2 hours north of Washington, DC - 1 hour east of Frederick, MD all of which offer significant employment and commerce options in the area. Westminster is also 30 minutes south of Hanover, PA and Gettysburg, PA, approximately 1 hour south of York, PA and 1 1/2 hours south of Harrisburg, PA. Westminster is located in Carroll County which is primarily a more rural area of Maryland with a significant portion of the county zoned agricultural. Typically people who live in this area would consider any of the above cities as viable options for employment and commerce within reasonable drive times.

Paul