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Updated almost 8 years ago on .

Account Closed
  • Tampa, FL
0
Votes |
1
Posts

feel like I am overlooking something

Account Closed
  • Tampa, FL
Posted

so long story short, have been lurking around here reading forums, listening to podcasts, and reading, reading reading.. so i am ready to buy. i have analyzed the property, doing the math the old fashion way with pencil and paper. I finally downloaded a spreadsheet from BP. so after inputting the numbers in this spread sheet and also by hand They seem to look pretty good to me, however i feel like i am overlooking something. If anyone can go over my spread, and let me know if they see something i left out, i would love to discuss it.. Please... well to no avail i have tried to upload the spreadsheet, and i am having trouble, so i will just break it down.

purchase price $260,000 , DP 10% = $26,000.00, finance $234,000 @ 5% for 30 yr fixed

closing cost $5200, Mortgage pymnt $1256.00, Cash outlay $31,200.

Revenue Assumptions: # of Units 6, Total Rent/Month $3,078, Gross Rev/Month $3,078, Gross Rev/Year $36,930, Vacancy Rate 10.0%

Revenues: Rental Income $3,078, Vacancy Rate 10.0% $(308), Net Rental Income $2,770, Other Income, $- Gross Income $2,770

Expenses: Property Taxes$217 ($2,600yr), Insurance $167.($2,000yr), Property Mgmt (% Rent) 10% $277, Monthly $100 lawn, Monthy $100 trash, Capital Expendatures Monthly $200,

Total Expenses $1,060

Cash Flow NOI (Cash Available) $1,709

Mortgage $1,256

Total Cash Flow $453

If i do the 50% rule my cash flow after expenses are $282.59 which i am o.k with

so either way to me this seems like a good cash flowing property,

It has newer roof, and updated appliances, new paint, all units currently occupied.

so is there something i am missing?