Miami 4-Plex Deal Help

[Leo Maldonado]

Hi All!

So I have been diligently working with Kate Tyler Hayes on finding the right 4 plex for me to start my real estate investing career. 

After a few maybes, a few No's, we FINALLY found a YES. 

Now remember that Miami is a high priced environment that moves quickly, so I want to make sure this is the right move for me. 

Purchase Price: $445,000

Loan Amt: $436,939

Interest Rate: 4%

Monthly PITI (including taxes+ Mortgage Insurance for FHA + Insurance): $2,928

Current Rents: $3700

Goal: $4600

Vacancy: 5% Allowance

Repairs: 5% Allowance

Monthly Cashflow: $1,063.36

BIGGER POCKETS CALCULATOR

Monthly Income:$4,600.00 (projected after raising rents)

Monthly Expenses:$3,536.64

Monthly Cashflow:$1,063.36

Pro Forma Cap Rate: 8.12%

NOI:$37,362.00

Total Cash Needed:$28,575.00

Cash on Cash ROI:44.66%

Purchase Cap Rate:8.40%

Any input? Looks like a turnkey property to me as its newer built in 1968, and has a new roof + some updated interiors.