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All Forum Posts by: Chris Simms

Chris Simms has started 1 posts and replied 2 times.

Post: Buying my first 8 Unit Building - Need Advice

Chris SimmsPosted
  • Investor
  • Midwest
  • Posts 2
  • Votes 1

Midwesterner - I've bought and sold 5 single family homes since starting in 2016, not a big deal I know but I recently came into the opportunity to buy an 8 unit building for $420,000. I'd be putting 100k down with a monthly mortgage payment of roughly $1,750 against $4,575 in monthly rent. I've seen the rent rolls for the last three years - the building grosses 55k annually in rent. Net operating income after expenses is 39K. The rents are slightly below market and most tenants have been there for a couple years minimum. The listed cap rate is 8.6%. The building is in good shape and had a number of renovations last year (new roof, decks, siding, gutters) - longtime owner that has by all indication taken good care of the property. How do my numbers look? I'm making a decision in the next day or two and any advice would be welcome.