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Updated almost 4 years ago,

User Stats

80
Posts
43
Votes
Meredith Mihm
  • Rental Property Investor
  • Winona MN
43
Votes |
80
Posts

Scrutinize my 6-plex deal analysis?

Meredith Mihm
  • Rental Property Investor
  • Winona MN
Posted

6 plex (all efficiency/one bedrooms)

Asking: 190K 

Financing: Owner, 20%down, 30 year amortization with 15 year balloon (interest is still being negotiated)

Gross rents: $2870/mo. (Slightly under market) 

Down payment: 34-38K (20%)

mortgage:700-800

Taxes: $200

Insurance: still working on it, estimate $150

Capex: $200 (7%)

Repairs $200 (7%)

Vacancy $86 (3%)

Electric: $250

Gas: $100

Water: $200

Trash: $80

Lawn/Snow: $100

Property Management: $200 

_______cash flow $304-404/mo. 

($604 if we self-manage in the beginning)

We plan to raise rents and/or add a utility fee ($300/mo extra cash flow), and add a 2 bedroom attic apartment with separated utilities ($700/mo. cash flow, will cost 30-40K). 

It's in a small town where there are a couple of big factories, and there seems to be no shortage of (single) renters for small apartments... Definitely a cash flow play, but with forced appreciation.  

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