All Forum Posts by: Eric DeVito

Hello all, I already posted a detail analysis using the rental calculator. The link is:

http://www.biggerpockets.com/forums/311/topics/184998-help-newbie-analyze-this-property

Today I went to go view the property, here are the photos I took. Can you please tell me what repairs are needed and how much they would cost around? Some other information is this property does have Central Air system. Also in the basement picture where the sheetrock looks to be cut out all around there was a leak we found out, but it was due to a pipe being frozen and that problem was fixed and a new pipe was installed. There was no water damage from the outside elements.

This is a short sale home, asking 229,000. I did my analysis on a purchase price of 220,00. My realtor is saying they probably wont accept anything under 225,000. I honestly would like to offer between 210,000-215,000 just for the hell of it. This is a 2-Family House. 1 is a Main unit that has 3 Bed and 1 Full bath, 1/2 bath. 2nd Unit is just a small Studio Apartment. Thoughts/Opinions are welcomed. Here are the photos!

Photos of Studio Apartment:

This is everything in the Studio apartment. The last picture is right when you walk in the entrance to apartment. It is a picture of the ceiling. Not sure whats going on there. The picture before it with the large hole in wall is inside the bathroom, also not sure whats up with that. Everything else is pretty much easy to identify. Thoughts/Advice?

Main Unit: Has a Unfinished Basement that holds Heating Systems/Boiler, etc. This is where that frozen pipe was located and they had to cut sheetrock. I will show you you. Also there are two other floors in this unit. Main Floor then 2nd floor with bedrooms/bath.

Hello all, I already posted a detail analysis using the rental calculator. The link is:

http://www.biggerpockets.com/forums/311/topics/184998-help-newbie-analyze-this-property

Today I went to go view the property, here are the photos I took. Can you please tell me what repairs are needed and how much they would cost around? Some other information is this property does have Central Air system. Also in the basement picture where the sheetrock looks to be cut out all around there was a leak we found out, but it was due to a pipe being frozen and that problem was fixed and a new pipe was installed. There was no water damage from the outside elements.

This is a short sale home, asking 229,000. I did my analysis on a purchase price of 220,00. My realtor is saying they probably wont accept anything under 225,000. I honestly would like to offer between 210,000-215,000 just for the hell of it. This is a 2-Family House. 1 is a Main unit that has 3 Bed and 1 Full bath, 1/2 bath. 2nd Unit is just a small Studio Apartment. Thoughts/Opinions are welcomed. Here are the photos!

Photos of Studio Apartment:

This is everything in the Studio apartment. The last picture is right when you walk in the entrance to apartment. It is a picture of the ceiling. Not sure whats going on there. The picture before it with the large hole in wall is inside the bathroom, also not sure whats up with that. Everything else is pretty much easy to identify. Thoughts/Advice?

Main Unit: Has a Unfinished Basement that holds Heating Systems/Boiler, etc. This is where that frozen pipe was located and they had to cut sheetrock. I will show you you. Also there are two other floors in this unit. Main Floor then 2nd floor with bedrooms/bath.

@Mike Kreig

Thank you Mike, I know the purchase price I used was 220,000. I would love to get it between 210-215k. I haven't got to that point yet though. I have to go see the property for myself tomorrow. So Cap is the Pro Forma CAP or Purchase CAP, which one are you referring too? Also you think closer to 10% is ideal? Everything else seems okay?

@Jonathan Wilks

Ok Thank you, I suppose I should include that. I will be running the property myself. Everything else seems fine?

Hi all, this is a two-family home I am interested in. I will be going to see it tomorrow with a realtor just to take a look at it. It is a short sale. I will be using this for buy and hold purposes. Home was Built in 2001.

MLS# 1093182

Asking Price: $229,000

Projected Purchase Price: $220,000 (This was used for this report in rental calculator)

Down Payment: 20% = $44,000

Amortized Over: 30 years

Loan Interest Rate: 3.80%

Monthly P&I: $820..08

Monthly Income: $2,200 (This is from total of 2 units)

Monthly Expenses: $1,750.50

NOI: $15,235.00

Monthly Cashflow: $449..50

Pro Forma Cap Rate: 6.54% (No Idea what this is)

Purchase Cap Rate: 6.93%   (No idea what this is)

CoC ROI: 9.46%

Total Operating Expenses: $930.42

Mortgage Expenses:    $820.08

Vacancy: $220

CapEx: $110

Insurace: $50

Property Taxes: $340.42

Repairs: $110

Water: $100 (Guessed here, not sure if I pay it or not)

Sewer/Gas/Electric/HOA: I put ZERO for all. (Not sure of this is accurate)

-So this is pretty much everything, not sure if I am missing anything or if I did anything wrong. I tried using the 70% rule as well, but I think I am doing that wrong, I will go try again and play around with the numbers. Any tips/advice or changes I should would be very helpful. Still quite new to this.

Hello, just developing a plan and I want to know who pays the Utilities in NYC. Landlord or Tenant?

@Corey Demuth

You bring up many good points. I suppose this is where a property manager comes in? I am thinking of doing out of state investing myself but only 1-2 hrs away.

Im a newbie investor as well from Brooklyn, NY. I agree very tough to get started here. I am looking out of state, but very nervous and trying to come up with a plan first and do more research before I make any moves.

@Account Closed

Thank you for your helpful response. I will be the Property Manager because it is a local property that I can get to at anytime need be except if im working of course. So with that being said I don't think the Property Management stuff applies to me in this situation, but perhaps good to know?

Also I did research the vacancy rate I found it is at 12.4%. So I do have to adjust that. Not sure if property is vacant or occupied. Do you think I should check it out at least with an agent, perhaps a walk through.

@Charles Worth

I know, that was my mistake, I did not put it in the post, but it was included in the overall analysis.