All Forum Posts by: Account Closed

@Michael SeekerLooks like we were both on Google Earth at the same time, nice catch!

Good point on deferred maintenance, MLS pictures show carpets and bathroom needing some attention. Just out of curiosity, what price do you start liking this deal?

@Michael SeekerThanks for the feedback Mike! Just pulled up Google Earth and I found what appears to be 4 separate meters. What are your thoughts on the deal at a 7 cap after revising utilities from $7,000 to $2,500?

Wow... The view alone is worth the sales price - and that bathroom looks phenomenal!

What was your final net profit?

Hi BP community! 

This deal is on the MLS - 3108 W Palmira Ave Tampa FL

Property Highlights:

-Great location (A- area of town, Hyde Park/Palma Ceia)

-4, 1 unit apartments at 550 SF each 

-Asking $260k or $65k per unit

-Rents in the area are $750-$950 for 1BR

$38,400 Gross Rents

$7,000 Utilities

$3,840 Property Management

$1,800 Vacancy

$4,000 Capex

$5,200 Taxes

$2,500 Insurance

$14,000 NOI, 5.5 cap

Principal/Interest is $12,000 @ 10% down

Levered Cash Flow $2,000, 8% CoC @ 10% down

5.5 cap isn't very exciting. I think the deal makes a lot more sense at $200k (7 cap). From there, putting $5k into each unit and painting the exterior would work wonders. I think you could even push rents to $950 a month and have a stabilized 10 cap. 

What are you guys' thoughts? (Not sure if the units are self metered or not - am I high or low on utilities?)

This is gold. Congrats guys! 

Sounds like you care way more about being outdoors than about money. Seems like your priorities are right where they should be.