4Plex Eval

[John A]

Here are the details:

4plex
Currently no tenants
Foreclosed
Asking $99,800
Offering $100,121.00
Potential Rent $400/unit
Closing Costs incl Downpayment $30,450.98
Loan Amount $75,090.75
APR 5.446%
Mortgage $581.40
Gross Monthly Rent $1600
50% Rule $800
Monthly Cash flow $218.60
Annual Cash Flow $2640.00

Good Deal? Bad Deal? Looks good to me. My first time so, I'm making sure its not too good to be true by checking with seasoned veterans.

I've yet to see the property but from the pictures it looks like its going to need some work. Not sure how much yet. Will see property next week.

Thanks!

John