Multi family deal in Waco
I am a 12 SFR investor from Austin area. I follow the BRRR strategy. Tired of investing in SFRs and the slow growth, looking to invest in multi family. Here’s a deal in WACO that i want to place an offer:
CLASS - C/C+
Units - 14 + duplex = 16
Mix - 2 BED 1 Bath
Rents = 575 average
Cap rate 9.2 % actual (Or So they say)
Previous owners bought it for $545k
List price = $680K
All bills paid community
Total operating expenses -$55k
NOI = $62K
Cash flow is around $2.4K / month
100% occupied with rent roll
6mins from a a good university
Numbers check out on paper, value add opportunity is also there.
In thIs market where most deas go under contract in few data, Does this seem too good to be true? Waco area experts, looking for your guidance. What should I offer?