Need help on deal analysis - private sale 4 plex in NY

[Christopher Canzoneri]

Hello!

Analyzing a deal here and could use some assistance. Please let me know if you require any additional information. Property located in Orange County, NY

My intention is to owner occupy one of the units for a lower down payment requirement.  This will be my first property and I intend to manage it myself and also have my father who lives somewhat nearby help

Unsure of the exact condition of the property but may see the property this weekend, appears in at least decent shape from pictures

Asking price $155,000

2,220 sq/ft

Location is a C area

4 units (all are one bedrooms except #4 is a studio) all have 12 month leases:

1 - $725. Going to 750 in January

2 - $750.

3 - $750.

4 - $625 studio

one bathroom in each unit

Expenses per year

Tax: 7,702/year 642/month

Insurance 1,825/year 152/month

Water/sewer: 2,300/year 191/month

heat/oil: 1,800/year 150/month

electric: 720/year 60/month

Garbage: 763/year 60/month

Total: 15,110/year 1,255/month

Rental income fully rented 34,200/year 2,850/month

Net Income 19,090/year 1,595/month

Cap rate at 155k is 12.34%

These are the exact numbers provided by owner

5 gas meters:

• 4 heaters – all tenants pay their own heat. Separate gas meters.
• 2 hot water tanks that the owner pays the gas for.

5 electric meters – all tenants pay their own electric. Owner pays electric for the common areas and hot water.

Thanks for your help!