[Calc Review] Help me analyze this deal
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Hey everyone, another multi-family deal here in a B-neighborhood. Ran the numbers based off a $225,000 sale price, which is $24,900 below asking price. Looking to put 20% down and rent out both units and garage spaces x2. There is coin-op laundry but I didn't include that in the income stream. Tenant would pay for electricity and gas. I included water/garbage/insurance/repairs into monthly expenses.
Calculated taxes from http://www.cookcountypropertyinfo.com/default.aspx. Assessed value was $178,790 in 2017. I based the new property taxes in the report from a sale price of $225,000, which came out to:
2018 Assessed Value = 22,500
2018 State Equalization Factor x 2.9627
2018 Equalized Assessed Value (EAV) =66,660.75
2018 Local Tax Rate X 7.270 %
2018 Estimated Taxes = $4846.24 (I rounded up to $5000 to be conservative)
Any feedback would be appreciated! Thanks.
Most Popular Reply
I would not underestimate repair costs. I would bump up the percentage for capex and repairs depending on age of property etc (I am not necessarily a huge fan of percentage based projections at it is for repairs/capex as I believe they can be misleading).