Hey All. Due to my fiancee's job, we will have to relocate. So, I'm looking into possibly buying this 8 unit property. We're planning to live in 1 unit, and rent our the other 7. I'm brand new to real estate investing and this could be my first potential property. So I would like some help and thought I'd run this by the community. Hoping to get some expert analysis/insights/advice and to make sense of all these numbers. Is this a bad, ok, good, or great deal? I'm looking to do as low money down as I can, what's the best financing strategy I should use? Any help or insights would be much appreciated! Thanks
- Khue
Property Type: Apartment Units
Building: One 2 Story 4 up & 4 Dn.
Unit Size: 750 Sq Ft each.
Mix: 8 - 2/1’s
Annual Sched. Inc.: $60,162.00
Operating Expense:$ 16,353.00
Net Operating Income: $39,109
Cap rate: 8.12%
(See Operating Data Sheet)
Condition: Property in excellent
condition. All units were vacated
and rehabbed, Including tile floors.
OFF MARKET PRICE:
Listed price: $530,000.00
Assumable 1st of $343,000.00
5 year fixed @ 4.75% P&I pay-
ment is $1,955.00 Mo. $187K
cash makes easy qualifying to
assume loan and close!