I was just curious to see how far off my numbers are, this spread sheet is assuming I do no negotiating or have no major factors in repairs. I am just looking to see if my numbers are realistic. Also the utilities are all separately metered and tenant pays the utilities, the only expense I wasn't sure for was landscaping and snow removal in the area. I know these expenses will occur, just not how much to expect. The rents in the area are about average I believe, maybe a little low. The building has 3 2 bedroom units and 1 1 bedroom unit.
Thank you to anyone who looks at this, I really appreciate any feed back :)
this is the property
http://www.realtor.com/realestateandhomes-detail/1...
| PROPERTY DETAILS | |
| PROPERTY TYPE: | QUADRUPLEX |
| TOWN: | PORT JERVIS |
| STATE: | NEW YORK |
| ZONING: | RESIDENTAL |
| TOTAL UNITS: | 4 |
| TOTAL BEDS: | 7 |
| TOTAL BATHS: | 4 |
| PURCHASE DETAILS (203K LOAN) |
| ASKING PRICE: | $109,900.00 |
| OFFER: | 100% |
| OFFER PRICE: | $109,900.00 |
| REHAB COSTS: | $35,000.00 |
| LOAN AMOUNT: | $139,828.50 |
| DOWN PAYMENT | $5,071.50 |
| HOME INSPECTION: | $500.00 |
| CLOSING COSTS: | $4,347.00 |
| CASH NEEDED: | $9,918.50 |
| INCOME (MONTHLY) |
| UNIT 1: | $950.00 |
| UNIT 2: | $950.00 |
| UNIT 3: | $950.00 |
| UNIT 4: | $900.00 |
| PARKING: | $0.00 |
| LAUNDRY: | $0.00 |
| STORAGE RENTAL: | $0.00 |
| GARAGE RENTAL: | $0.00 |
| VIOLATION FEES: | $0.00 |
| PET RENT: | $0.00 |
| MISC. INCOME: | $0.00 |
| GROSS INCOME: | $3,750.00 |
| EXPENSES: (MONTHLY) | SAVINGS (WHAT IF) | TRUE EXPENSES |
| CAPITAL EXPENDITURES: | $375.00 | $375.00 | $0.00 |
| INSURANCE: | $38.47 | $0.00 | $38.47 |
| MAINTENANCE: | $375.00 | $0.00 | $375.00 |
| MORTGAGE PAYMENT: | $512.45 | $0.00 | $512.45 |
| PMI RECURRING: | $92.80 | $0.00 | $92.80 |
| PROPERTY MANAGEMENT: | $375.00 | $0.00 | $0.00 |
| REAL ESTATE TAXES: | $236.56 | $0.00 | $0.00 |
| VACANCY: | $375.00 | $375.00 | $0.00 |
| UTILITIES: | $0.00 | $0.00 | $0.00 |
| GROSS EXPENSES: | $2,380.27 | $750.00 | $1,018.71 |
| SUMMARY | MONTHLY | YEARLY |
| GROSS INCOME: | $3,750.00 | $45,000.00 |
| GROSS EXPENSES: | $2,380.27 | $28,563.24 |
| NET OPERATING INCOME: | $1,369.73 | $16,436.76 |
| OWNER OCCUPIED: | $419.73 | $5,036.76 |
| ASSUMPTIONS |
| CAPITAL EXPENDITURES: | 10.000% |
| CLOSING COSTS: | 3.000% |
| DOWN PAYMENT: | 3.500% |
| INTEREST RATE: | 4.100% |
| MAINTENANCE: | 10.000% |
| PMI RECURRING: | 1.050% |
| PROPERTY MANAGEMENT: | 10.000% |
| TAX RATE: | 2.583% |
| VACANCY: | 10.000% |
| LOAN TERM (YEARS): | 30 |
| PROPERTY INSURANCE; | 0.035% |
