9 unit Tampa Multi-Family in Lowry Park

[Raymond Rashid]

I have an off market opportunity in Tampa.

It's in Lowry Park North. I'm not sure it's a great area for investment, but that's why I'm here. I've heard once you stay west of the 275 or the opposite side of sulphur springs your fine. Does anyone have experience in this area. Does this seem like a good/decent deal?

It's a 9 unit studio building. They are asking 550k. Each unit rents for 750 per month; total $6,650 monthly. All utilites paid for by tenant. Building was built in 1981.

Revenue: 6,650

Expenses:

Mgmt: 337.5

Insurance :250

Tax: 416

Maintenance(8%): 532

Vacancy(5%): 332.50

Mortgage (4.5%, 25yr): 2,435

Net: $2347 or 260 a door.