2.5 doors down, 97.5 to go by 2025!

[Nicholas Sheridan, Jr.]

After a triplex property fell through 2 months ago due to a low appraisal and zoning issues I quickly found this awesome off market deal. Here are the dirty details:

• Purchase price: $145,000 (seller paid $2,200 in closing costs)
• 25% down (had to pay $3k in agent commissions)
• I partnered up for this deal and we both put in 50% of the initial capital. My partner now owns 25% equity and earns a 5% preferred return amortized over 20 years. 
• 3.125% int rate 
• 2/1 per side plus each has a separate garage. 
• Property taxes $0 (24 year tax abatement - 9 years no taxes and then 50% for the following 15 years)
  
• Insurance $1,071
• Property management 10%
• Rent $725-750 is market (Currently at $450 since the tenants rents have only been raised once SINCE 1996 !!! working on getting this bumped up)
• Vacancy rate 6% (very conservative)
• Maintenance and repairs 6%
• Oh **** fund 5%

Cash flow $260/month per side 

Notes: An identical duplex next door (in worse condition cap ex wise) just went under contract last week for $170k. Also, my goal is to reach 100 rental doors by 2025 - so far I won 1 SFH and then a 75% stake in this duplex so 75% of 2 doors is 1.5 doors and 1 + 1.5 = 2.5 doors.