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Updated over 5 years ago,
Calc Review, Our first brrrr
https://www.biggerpockets.com/calculators/shared/1412093/ff479641-0e78-4c0a-a137-8859857fea85
This property is two duplexes on the same lot. Two three-bedroom/ 2 baths and two 2 bedroom-2 and half bath. All units have garages attached, they are in a c class neighborhood. Three units are currently rented for - 850-850-825. The fourth unit is vacant and will be remodeled. Rent will be raised to 875-900. The asking price was 270,000, we got it under contract for 240,0000. We have estimated 17,500 for repairs. We are going to use a 12-month interest-only loan for a total of 257,000. Since we are going to do a refi with a new LLC, I'm curious what terms yall are seeing with commercial refis. The local tax accessor has the property appraised for 330,000k. We have not had the property appraised yet. We plan to refi in six months and be able to recover the down payment. Thanks for any input.