Analyze My Deal: First Time 10 Unit Rental

[Tim Ivanchuk]

I am trying to figure out if I have a deal or not. I have only a condo right now and this complex just fell into my lap.

Parameters:

- Asking price 189k

- 10 Unit complex

- Built in 1940

- expenses seem to be like 2k a month? I haven't found exact info in this. The guy is old and had bad accounting

- 5-6% for interest rate from the bank, 20% down, 20 year amortization

- Rents are 400-650 depending on size, after fixing this could go up to 550-700 easily

- Building needs some serious fixer up work about 30k

- AC is window units, boiler is used for heating

Any other information I should add here?

Financing would be through a smaller bank, 20% down which I will leverage equality in my other rental, possibly little or no money down.

I am hoping to get some light on this. First commercial deal ever. If this isn't allowed or,I need to change stuff let me know. Thank you.