FIrst deal - 10 units

[Jason Jelks]

Looking to get under contract 10 units (5 duplexes) on a lot of land. Each unit is a 3/2 with 1200 sqft. The land has permits to build an additional 5 duplexes. The first 5 duplexes aren't finished. They require flooring, outside a/c, water heater, & impact fees. Market rent is $950 per unit.

total impact fees for 5 duplexes = $66,850
estimated completion costs = $60,000
current asking price = $430,000 (still in negotiations)
total = $556,000

rent = $9,500 per month
50% rule = $4,750
estimated mortgage = $2700 approx.
total cash flow = $2050 ($205 per door)

What do you guys think? Am I missing any important items?

[Jason Jelks]

What would you offer for the property?